Singapore banks, telcos may need to pay scam victims

The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (Imda) published a joint 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...