Guidelines on Shared Responsibility Framework

Guidelines

Published Date: 24 October 2024

Guidelines on Shared Responsibility Framework

These Guidelines set out the roles and accountabilities of consumers, responsible financial institutions and responsible telecommunications companies under the Shared Responsibility Framework (SRF). The Guidelines clarify the allocation of responsibility for losses arising from a defined scope of phishing scams under the SRF, and the operational workflow for consumers to report such scams.

Fraud Risk

Applies to:

Full Bank (Locally Incorporated)

,

Full Bank (Branch)

,

Major Payment Institution

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Guidelines on Shared Responsibility Framework

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Infographic on operational workflow for Shared Responsibility Framework (108 KB)

Guidelines on responsible financial institution that issues or operates a protected account, as well as duties of account holders and account users of protected accounts.

MAS and IMDA announced that the Shared Responsibility Framework for phishing scams, which was published for consultation on 25 October 2023, will be implemented on 16 December 2024.

Oral reply to Parliamentary Question on Shared Responsibility Framework and Money Lock

The Shared Responsibility Framework assigns financial institutions and telecommunication companies relevant duties to mitigate phishing scams, and requires payouts to affected scam victims where these duties are breached.

This consultation sets out a proposed Shared Responsibility Framework (SRF) for sharing responsibility for scam losses amongst financial institutions (FIs), telecommunication operators (Telcos) and consumers. The Monetary Authority of Singapore and Infocomm Media Development Authority invite comments from industry...

Consultation number:

P016 - 2023

Start date:

25 October 2023

Closing date:

20 December 2023

The Monetary Authority of Singapore is seeking comments from industry stakeholders and members of the public on proposed enhancements to the E-Payments User Protection Guidelines, to uplift standards of anti-scam controls across the financial sector and place a greater emphasis on consumer vigilance and responsibility.

Consultation number:

P017 - 2023

Start date:

25 October 2023

Closing date:

20 December 2023

MAS response date:

24 October 2024

Reply to Adjournment Motion on “Losses from Scams and Malware Fraud: Doing Right by Bank Customers” by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, on behalf of Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS, on 18 September 2023