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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
M2M to reunite for Singapore concert
It has been 22 years since they went away, but Norwegian pop duo M2M are back and coming to Singapore.
Industry sources say the author also wrote BTS memoir
Hybe's document on K-pop industry trends
Paddington Bear's 'high jinks' are back in third movie
LONDON - Paddington is back and he has lost none of his \"charm\" and \"high jinks\", according to English actor Hugh Bonneville, who again guides the trouble-prone bear through the third film in the hit series that saw its premiere on Nov 3.
Quincy Jones left indelible imprints on jazz, pop and hip-hop
LOS ANGELES - Quincy Jones, a major influence on American music in his work with artists ranging from Count Basie to Frank Sinatra and who then reshaped pop music by collaborating with Michael Jackson, died on Nov 3 at the age of 91.
Young Chinese pianist brings wealth of emotion
There are so many young Chinese pianists plying their art these days that it is easy to reduce them to Lang Lang, Yuja Wang, Li Yundi and the rest.
White faces, open mouths
Avant-garde Japanese dance butoh finds foothold in Singapore
Seeking sleep at Hoshinoya Tokyo
TOKYO In December 2023, I check into Hoshinoya Tokyo for a sleep retreat.
Explore the bustling Ginza and Marunouchi districts in Tokyo
Ginza, located near Tokyo Station, is one of the city's busiest high-end shopping districts.
Pastoral and scenic views at JW Marriott Jeju Resort & Spa
JEJU - The island bursts with juicy tangerines, and is where women well into their 80s free dive for seafood against a backdrop of dormant volcanoes and tea estates.
Connecting with the city's past at The Murray Hong Kong
Although brand-new hotels pop up all the time, restored heritage buildings-turned-hotels have an allure of their own.
