Expand proposed scam payout framework to protect vulnerable users, tackle malware scams: Experts

Singapore’s Monetary Authority and Infocomm Media Development Authority have proposed a framework to make financial institutions and telecommunications providers share responsibility when scams occur. The proposal also aims to add flexibility for customers, with mandatory cooling-off periods for high-risk transactions, and safeguards for the elderly and mentally challenged users. However, experts have noted that the framework could be expanded to include the issue of malware scams.