Consultation paper on equitable sharing of scam losses to be published in October 2023


Mr. Tan responded by saying it was a” difficult concern” to determine role for scam losses.

He told the House,” We must … strike a balance between fairness, accountability, and compassion.” & nbsp,

Some people believe that banks can quickly collect losses from specific scam cases, but full restitution without taking culpability into account is neither just nor desired.

According to him, doing so can degrade monitoring and personal accountability and break users into complacency.

The MAS mandates that businesses have protected digital systems, such as implementing multi-factor certification to validate customers’ identities and authorize online transactions, Mr. Tan continued.

However, scammers can still get around these rules by tricking customers into giving their account access information or downloading trojan, he said, adding that each customer is responsible for safeguarding their accounts through safeguards like great digital hygiene.

In the meantime, MAS has provided banks with advice on investigation procedures and how to handle clients pretty in all disputes. According to Mr. Tan, the governor also keeps an eye on how businesses handle such disputes.

He added that the government was considering Ms. Lim’s recommendation to reintroduce natural safety tokens and keeping an eye on FIDReC to ensure that its rules regarding online payment token use and procedures were adequate.

Singapore now uses a three-pronged approach to combat scams, ranging from inland steps like the ScamShield mobile apps, which filters and blocks fraud messages and calls, to downstream actions like additional safeguards used by banks, according to him.

The total amount of fraud costs decreased significantly in the first half of 2023 compared to the same period in 2022, indicating that these social work are” some encouraging indicators.”

According to information made public by the police last week, the total amount of patients who reported being cheated between January and June of this year, S 3344.5 million( US$ 245.7 million ), decreased by 2.2 % from S$ 342.1 million during the same time period in 2022.

However, the hoax condition is still very significant. Negative celebrities are using more advanced techniques to target victims as more of us conduct business online, he told the House.

In this rapidly changing environment, we must continually improve our methods for preventing schemes.

Big retail banks in Singapore have improved their security measures to protect customers from ransomware scams, according to a media release from the Association of Banks on Monday. They will” gradually introduce refinements or new measures in order to keep pace with changes in the threat landscape ,” the association said.

For instance, & nbsp, OCBC released a feature previous month that forbids users from logging into their banking software if it finds potentially risky programs downloaded from unofficial sites. Additionally, Citibank has added a similar anti-scam function to its mobile apps.