The authorities are “very concerned” about malware scams and discussions with banks on putting safeguards in place are underway, says Singapore’s central bank chief Ravi Menon in an interview with CNA.
Mr Ravi Menon, managing director of Monetary Authority of Singapore, in an interview with CNA. People are disappointed by the exclusion of malware scams in proposed framework on scam losses but authorities “need to get the right approach” first, says MAS chief Ravi Menon
As a start, the framework focuses on phishing scams that happen digitally. This means that other scams, such as investment or love scams where victims authorise payments to scammers, and malware fraud are excluded. “Malware scams are not part of this shared responsibility framework. I know people will be disappointed with this but … we need to get the right approach towards such scams before we can put it in the framework.”
“We’ve got lots of convenience in our payment system today. Digital payments were wonderfully helpful during COVID-19 but now with these risks emerging, especially the malware scams, we do need to recalibrate towards security.”MAS said then it would publish a draft framework to consider how the liability for scam losses can be shared between financial institutions and victims within three months.
Telcos play an important role given how they are the channels through which SMSes are transmitted. As SMSes remain a “vital tool” that is still in use, there is a need to address the gaps in that space, he added. Authorities have said the framework, which is targeted to be rolled out next year, aims to increase the accountability of financial institutions and telcos to their consumers, as well as preserve confidence in digital payments and digital banking in Singapore.
“So, we’re not there … but we need to address this early, which is why we are taking this very seriously and we need to find solutions for malware scams,” added the central bank chief.Mr Menon was also asked about a string of service disruptions that have hit several banks, including DBS, Singapore's largest lender.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore must find 'right approach' to decide who takes responsibility for malware scam losses: MAS chiefSINGAPORE — Authorities need to find the “right approach” before malware scams can be included in a proposed framework that determines who is liable for scam losses, Singapore’s central bank chief Ravi Menon said in an interview with CNA.
Read more »
National monuments of Singapore: Singapore Conference HallWhat is a National Monument? Who gazettes them? How many national monuments are there in Singapore? To date, the Preservation of Sites and Monuments, a division of National Heritage Board, has identified and gazetted 75 buildings, structures and sites of national significance as an integral part of Singapore’s built heritage.
Read more »
Singapore experiences highest-ever October temperature of 36.3°CSINGAPORE — Singapore experienced its hottest October day on Oct 9, the Meteorological Service Singapore said on Wednesday (Nov 1).
Read more »
Service outages: MAS bars DBS from acquiring new business ventures, reducing branch and ATM network sizes for 6 monthsSINGAPORE — DBS Bank has been barred from acquiring new business ventures by the Monetary Authority of Singapore (MAS), and also instructed not to reduce the size of its branch and automated teller machines (ATM) networks in Singapore.
Read more »
Is having kids out of wedlock okay in Singapore?Having kids without marriage remains a subjective question with varying opinions, legal considerations, and personal circumstances
Read more »
Singapore Polytechnic marks upcoming 70th anniversary with book documenting its journeyThe book highlights SP's evolution to train not just younger school-leavers but working adults as well. Read more at straitstimes.com.
Read more »