Banks and telcos in Singapore may require payouts to scam victims ...Middle East

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Banks and telcos in Singapore may require payouts to scam victims
SINGAPORE: The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) have published a joint consultation paper proposing a Shared Responsibility Framework (SRF) for phishing scams.The SRF assigns financial institutions (FIs) and telecommunication companies (telcos) relevant duties to mitigate phishing scams and requires payouts to affected scam victims where these duties are breached.“The SRF assigns shared responsibility by specifying upstream anti-scam duties FIs and telcos have to adhere. Breaches of the duties will result in payouts to affected scam victims,” deputy managing director (financial supervision) of MAS, Ho Hern Shin, said in a statement today.S

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