MAS and IMDA publish paper on shared responsibility framework for phishing scams

The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) have published a joint consultation paper proposing a shared responsibility framework (SRF) for phishing scams. The paper seeks comments on the scope of the SRF as well as duties of FIs and telcos under the framework and so on.

The SRF assigns financial institutions (FIs) and telecommunication companies (telcos) relevant duties to mitigate phishing scams. The framework will also require FIs and telcos to make payouts to affected scam victims where these duties are breached.