Singapore’s Shared Duty Framework (SRF) for phishing scams began in the present day, formally applied by the Financial Authority of Singapore (MAS) and Infocomm Media Improvement Authority of Singapore (IMDA). The framework, revealed for session on 25 October 2023, takes impact from in the present day.
Rip-off circumstances that come up after the SRF turns into operational and fall inside its outlined scope will likely be eligible for consideration. SRF will now assign related duties to monetary establishments (FIs) and telecommunication firms (telcos) to mitigate phishing scams and set expectations of payouts to affected rip-off victims the place these duties are breached.
The SRF will likely be an integral part of a broader community of upstream and downstream initiatives developed by the federal government, monetary establishments, telecom firms, and different ecosystem gamers to fight scams extra successfully right here.
Past the SRF, banks even have their respective discretionary goodwill frameworks to assist rip-off victims. The federal government will proceed to work with FIs and telcos on different anti-scam measures to maintain tempo with the evolving rip-off panorama.
Key Targets of the Shared Duty Framework
The SRF has three key targets. The primary is to protect confidence in digital funds and banking in Singapore. Rip-off threats and ensuing losses can erode public belief, particularly when account credentials get stolen via digital deception, resulting in unauthorised transactions.
The SRF works alongside different industry-wide anti-scam efforts to guard shopper pursuits and units clear anti-scam duties for FIs and telcos to deal with phishing scams.
Subsequent, the SRF goals to strengthen accountability to shoppers for rip-off losses. Whereas FIs and telcos are accountable to regulators for implementing anti-scam measures, there may be presently no framework holding them immediately accountable to shoppers for losses brought on by their lapses.
The SRF clarifies that FIs or telcos ought to take accountability for rip-off losses forward of shoppers in the event that they fail to fulfill prescribed anti-scam duties.
Lastly, SRF goals to focus on people’ accountability to remain vigilant in opposition to scams. A vigilant public is, in any case, the primary line of defence. People should apply correct cyber hygiene and keep away from sharing credentials. The SRF gives a transparent framework for sharing accountability for rip-off losses amongst stakeholders in widespread and well-defined rip-off situations.
How Will SRF Work?
Kinds of Phishing Scams the SRF Covers
The SRF covers phishing scams with a digital hyperlink. This occurs when shoppers fall for clicking phishing hyperlinks and coming into credentials on faux platforms, unknowingly revealing themselves to scammers. Scammers then use these credentials for unauthorised transactions.
Why scams, although? The SRF focuses on phishing scams, that are widespread in Singapore and sometimes end in unauthorised transactions. Clear duties may be set for stakeholders to mitigate phishing dangers.
For phishing scams have SRF protection, they will need to have a transparent connection to Singapore. Impersonated entities needs to be Singapore-based or supply providers to Singapore residents. Shoppers are all the time inspired to confirm the legitimacy of the digital platforms they work together with.
Limiting the SRF’s scope to digital scams with a Singapore nexus aligns with preserving confidence in digital funds and banking.
Phishing Scams Not Lined Underneath the SRF
Exclusions beneath the SRF embrace scams the place victims authorise funds, corresponding to funding or romance scams, the place they supposed the transaction however have been misled about its function. These scams require a special method. Why? They don’t immediately undermine confidence in digital banking and may happen outdoors the digital world.
Equally, scams the place victims get deceived into immediately sharing credentials by way of textual content, telephone calls, or face-to-face interactions should not lined. Public training has repeatedly emphasised by no means sharing credentials or OTPs beneath any circumstances.
Lastly, the SRF doesn’t cowl unauthorised scams not involving phishing, corresponding to hacking, identification theft, or malware-related scams, although they’re a rising concern.
The SRF focuses on widespread rip-off sorts with clearly outlined duties for stakeholders. As malware scams evolve, it’s too early to assign particular tasks. Nevertheless, authorities companies and banks are actively addressing malware scams, and banks are taking a extra proactive method to goodwill funds for affected clients.
For scams outdoors the SRF, shoppers can nonetheless search recourse by requesting their monetary establishments (FIs) to evaluate goodwill funds or submitting disputes with the Monetary Business Disputes Decision Centre Ltd (FIDReC).
Final Replace: 16 December 2024
Featured picture credit score: Edited from Freepik
