pUnder the Shared Responsibility Framework, banks have to block or hold for 24 hours suspicious transactions of over $25k./p
SINGAPORE - Banks must block or hold for 24 hours suspicious transactions involving more than $25,000.
The SRF complements existing moves which have been made to counter scams. For instance, major retail banks have beenif customers had downloaded apps from untrusted installers or apps with risky permission settings to counter malware-related scams.The finalised SRF governs how financial institutions and telcos may share in paying out victims’ losses in certain phishing scams if the organisations fail to perform their duties.to provide proof that their losses were not due to their own negligence.
The finalised SRF comes after two months of industry consultation at the end of 2023 and almost a year of deliberation by the Monetary Authority of Singapore and Infocomm Media Development Authority of Singapore . The SRF establishes the process for determining payouts arising from scam losses – by first examining whether financial services providers and telcos had fulfilled their duties. Singapore is possibly the first jurisdiction to include telcos in a fraud reimbursement framework.
Banks and payments services providers are also expected to send real-time alerts to consumers for high-risk activities – including change of account contact details, increase in transaction limits and adding new payee – or when there is a login to an e-wallet on a new device.
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