Regulatory Alerts2024-10-24
Added · Updated
Guidelines on Shared Responsibility Framework
The Guidelines on Shared Responsibility Framework apply to responsible financial institutions and responsible telecommunications companies in Singapore to clarify roles and accountabilities in mitigating the risk of seemingly authorised transactions. It mandates specific duties for financial institutions, including a 12-hour cooling-off period for new device logins and real-time fraud surveillance, and requires telecommunications companies to block unauthorized Sender ID SMS and implement anti-scam filters. The document establishes a loss-sharing mechanism where financial institutions bear losses if they fail to comply with their duties, telecommunications companies bear losses if financial institutions comply but telcos fail their duties, and account holders bear losses if neither institution nor telco is at fault. The operational workflow requires account holders to report unauthorized activity within 30 calendar days and provides a four-stage process for claims investigation and recourse.