MAS’s framework for loss-sharing for bank scam victims “taking longer than expected”

Singapore’s financial regulator expects to publish the draft framework in the coming months.

The Monetary Authority of Singapore (MAS) said that it plans to publish the draft framework for sharing of losses affecting scam victims “in the coming months.”

In a press release, MAS admitted that development of the framework is taking longer than expected.

“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 in a statement.

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

MAS kicked off the creation of the framework in February after one of Singapore’s major lenders, OCBC, reported that several of its customers have fallen prey to an SMS phishing scam. MAS had said then that it planned to publish the framework within three months’ time.

OCBC had shouldered the losses of at least 30 customers, tagging it as “goodwill payouts.” MAS later clarified that the payouts are “a one-off gesture” and do not set a general precedent for future cases.

MAS had since teamed up with the Association of Banks in Singapore (ABS) and introduced additional measures to bolster digital banking security, which include the removal of clickable links in emails and text messages sent to customers, and setting a new notification system for money transfers and changes to account details.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.
Lendela on why banks need fintechs to buoy loan growth
Loan demand has doubled in Singapore, and fintechs can help onboard quality clients.