Banks, telcos and scam victims to share liability for losses under new framework to kick in on Dec 16

There were also calling for more con varieties, such as malware-enabled schemes, to be covered under the foundation. &nbsp,

The government responded by saying that they would continue to concentrate on a “defined opportunity of phishing schemes where the obligations for financial institutions and telcos may be plainly set out.”

They added that the government will continue to work with habitat people and businesses to implement measures to reduce the risk of additional scams, such as “holding habitat players responsible where required.” &nbsp,

Lenders have taken a more forward-leaning approach to assessing kindness bills for clients affected by malicious hoaxes while this is being worked out, they said. &nbsp,

Given the influence and obligations these companies have over the safety of online banks and SMS programs, MAS and IMDA kept their attention on banks and telcos in response to calls for the model to include more entities like as messaging platforms and social media platforms.

However, the government uses” a complete ecosystem approach” to combat schemes, including urging social media companies to increase their efforts to stop schemes.

The government has the option of directing virtual service companies, organizations, or people to stop access to online criminal material or accounts, including scams, according to the Online Criminal Harms Act, they added.

The shared-responsibility model” may work as part of the broader set of upstream and downstream” anti-scam actions taken on by the government and businesses, the regulators said.

The MAS, for instance, is studying the feasibility of” stronger, out-of-band authentication solutions”, such as the use of&nbsp, Fast IDentity Online ( FIDO ) -compliant tokens to enhance defences against unauthorised phishing transactions.

IMDA stated that it has and will remain to collaborate with the telecom companies. Over 20 million SMSes have been blocked since 2023 as a result of actions like the compulsory SMS Sender ID Registry and anti-scam screen.