Consultations on proposed shared responsibility framework for FIs, Telcos and consumers for phishing scams and revisions to E-Payments User Protection Guidelines

27 November 2023

On 25 October 2023, the Monetary Authority of Singapore (“MAS”) and the Info-communications Media Development Authority published a joint consultation paper proposing a shared responsibility framework (“SRF”) for phishing scams. The proposed SRF, which will be implemented via a set of guidelines (“SRF Guidelines”), assigns financial institutions (FIs) and telecommunication companies (Telcos) relevant duties to mitigate phishing scams, and requires payouts to affected scam victims where these duties are breached.

MAS is concurrently consulting on proposed revisions to the E-Payments User Protection Guidelines (“EUPG”). With the rising incidence of digitally enabled scams, the proposed revisions aim to uplift standards of anti-scam controls across the financial sector and place a greater emphasis on consumer vigilance and responsibility.

The SRF Guidelines and EUPG are meant to be complementary, with the SRF duties drawing from the EUPG.

Both consultations close on 20 December 2023.

To read our article on this development, please click here.