Singapore's Monetary Authority introduces Shared Responsibility Framework, making banks liable for phishing scam losses over S$25,000.
Starting December 16, Singapore's Monetary Authority will implement new rules holding financial institutions and telecom companies accountable for phishing scam losses. Under the Shared Responsibility Framework, banks must block transactions over S$25,000 for 24 hours if suspicious. This initiative aims to protect customers from unauthorized account draining, with firms liable for failures in their responsibilities, while consumers face losses only if institutions comply.
October 24, 2024
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