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MAS framework on loss-sharing for bank scam victims 'taking longer than expected'

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·Finance Editor
·2-min read
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Photo of MAS building showing the MAS logo and signboard, illustrating a story on MAS' framework on loss-sharing for bank scam victims.
MAS' framework on equitable loss-sharing for bank scam victims 'taking longer than expected'. (PHOTO: REUTERS/Edgar Su)

SINGAPORE — The Monetary Authority of Singapore (MAS) said that it plans to publish the draft framework for equitable sharing of losses affecting scam victims for public consultation "in the coming months".

The MAS said development of the framework is taking longer than expected, according to a statement on Monday (18 July).

MAS had announced earlier in February that it was working with the industry to develop a framework for equitable sharing of losses arising from scams, and had aimed to publish the framework for public consultation in three months' time.

"The process of developing the framework is, however, taking longer than expected in view of the complexity of the issues and the importance of ensuring that the loss sharing and accountability approach incentivises all key parties in the ecosystem to be vigilant against scams," MAS said.

"MAS is keenly aware of the importance of this framework and will publish the consultation paper as soon as possible," the regulator added.

The announcement on the framework in February came after OCBC earlier made arrangements for S$13.7 million in goodwill payouts to 790 customers who fell prey to a text-message phishing scam impersonating the bank.

The regulator said OCBC’s recent goodwill payouts to fully cover customer losses were a one-off gesture by the bank and do not set a general precedent for future cases.

The MAS and the Association of Banks in Singapore on 2 June announced that they are taking additional measures to further safeguard customers from digital banking scams, and these will be in full effect by the end of October.

The added measures complement those announced on 19 January, which include the removal of clickable links in e-mails or SMSes sent to retail customers and having a delay of at least 12 hours before activation of a new soft token on a mobile device.

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