Singapore Requires Banks, Telecoms to Prevent Scams

SMS Impersonation Scam Victims Must Be Made Whole Suparna Goswami (gsuparna) • October 25, 2024

Singapore regulators gave banks six months to institute real-time detection tools for blocking impersonation scams or else assume liability for stolen funds. A finalized framework published Thursday also shifts liability onto island-nation telecoms unless they block fraudulent SMS messages.

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The regulation seeks to stymie scammers masquerading as government agencies or legitimate businesses who wipe out victims' accounts. Singapore police in February reported a nearly 50% increase in scams during 2023 when compared to the previous year, resulting in losses of nearly SG$652 million - approximately $484 million.

The "shared responsibility framework" from the Monetary Authority of Singapore and the Infocomm Media Development Authority establishes what regulators dub a "waterfall" approach to making ...