MAS and IMDA Consult on Shared Responsibility Framework for Phishing Scams

The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) are proposing a joint Shared Responsibility Framework (SRF) for phishing scams. This framework assigns responsibility to financial institutions (FIs) and telecommunications companies (Telcos) to prevent phishing scams and requires them to compensate affected scam victims if there is a failure in their anti-scam controls. The SRF aims to incentivise FIs and Telcos to strictly uphold anti-scam standards.