More can be done to protect the vulnerable and tackle malware scams: Experts

The Monetary Authority of Singapore and Infocomm Media Development Authority have proposed a framework for financial institutions and telecommunication providers to share fraud costs. Singapore reported 22,339 scam cases in H1 2023, with about 3,000 being phishing scams. Critics argue that more can be done to protect vulnerable users and address malware scams and scams from abroad. Suggestions include extending a cooling-off period for high-risk transactions undertaken by seniors and mentally challenged users, and the use of AI to flag irregular transactions.