Victims of online scams should not assume they will be able to recover their losses, warns Singapore’s financial services regulator, while urging the need for shared responsibility. The country is preparing to release a framework detailing how losses from online scams will be shared.
The Monetary Authority of Singapore (MAS) said it would publish the framework for public consultation within the next three months, adding that it would encompass responsibilities of other key parties in the ecosystem.
The industry regulator said in a statement Friday that the framework would operate on the basis that all parties had responsibilities to be vigilant and take precautions against scams.
Financial institutions must safeguard their customers, such as through implementing “robust controls” to protect customer accounts and “effective measures” to detect and respond to suspicious transactions.
“Customers have the responsibility to take necessary precautions, especially by never giving away personal or banking credentials to anyone, never clicking on links in SMS or email [messages] which are claimed to be sent by a bank, and transacting only through the bank’s official website or mobile application,” MAS said.
The framework, in the works since last July, aims to provide clarity on liabilities and how losses