Financial institutions here will have to implement real-time fraud detection to identify unauthorised transactions linked to phishing scams, and block transactions where a customer's account is being quickly drained.
In such a scenario, the financial institution will either have to block the move until it is able to confirm the transaction with the customer, or notify the customer and hold the transaction for at least 24 hours.
This is a key recommendation that will be added to the upcoming Shared Responsibility Framework (SRF) due to be implemented on Dec 16, following a two-month public consultation that ended in December 2023.
Implementing fraud surveillance measures is a key area of feedback, while the Monetary Authority of Singapore (MAS) said cases of customers having significant sums rapidly wiped out from their accounts without their knowledge are its "greatest concern".
The framework, proposed in 2023, sets out the responsibilities of financial institutions and telecommunications companies to both prevent phishing scams and provide reasonable avenues of recourse for scam victims.
Of the 72 responses received in the public consultation by MAS and the Infocomm Media Development Authority (IMDA), roughly half were from members of the public, and the rest from telcos and financial institutions.
"Overall, respondents welcomed the Shared Responsibility Framework and supported the efforts to better protect consumers," the two authorities said.
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