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Singapore Will Not Embody Credit score Card Fraud in Shared Accountability Framework

Singapore Will Not Embody Credit score Card Fraud in Shared Accountability Framework
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Singapore’s authorities has clarified that the Shared Accountability Framework is not going to apply to bank card fraud circumstances, citing present strong protections for customers.

This clarification got here in response to a parliamentary query on the prevalence of bank card fraud within the nation.

Information from the Singapore Police Drive revealed a mean of 790 reported circumstances yearly from 2021 to 2023, with losses amounting to s$2.1 million annually.

Gan Kim Yong

Deputy Prime Minister Gan Kim Yong emphasised the great safety measures already in place, together with safeguards applied by world card schemes comparable to Visa and Mastercard, alongside card issuers like banks.

SG report 2024

Over time, these measures have been strengthened to fight fraud successfully.

Safety protocols such because the 3-D Safe protocol (3DS) add an authentication layer for on-line transactions, whereas banks have applied real-time transaction monitoring and moved from SMS One-Time Passwords (OTPs) to push notifications through digital banking apps.

Push notifications, he famous, can’t be phished, in contrast to SMS OTPs, additional enhancing shopper safety.

Present rules, such because the ABS Code of Follow for Banks, restrict shopper legal responsibility for unauthorised transactions to S$100, offered cardholders report the problem as quickly as moderately practicable, haven’t been grossly negligent, and don’t authenticate fraudulent 3DS transactions.

The chargeback mechanism beneath card scheme guidelines additionally affords recourse for cardholders to dispute fees and get better funds, notably in circumstances the place retailers fail to allow 3DS authentication.

Whereas the Shared Accountability Framework is deemed unsuitable for bank card fraud, the federal government urged the general public to play their half by safeguarding bodily playing cards and card info.

This consists of usually monitoring transactions, and promptly reporting any loss, theft, or suspicious exercise to their banks.

These efforts, mixed with present frameworks, purpose to minimise dangers and improve shopper confidence.

Featured picture credit score: Edited from Freepik



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Tags: CardcreditFrameworkfraudIncludeResponsibilitySharedSingapore
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