167 views

MAS’s framework for loss-sharing for bank scam victims “taking longer than expected”

Singapore’s financial regulator expects to publish the draft framework in the coming months.

The Monetary Authority of Singapore (MAS) said that it plans to publish the draft framework for sharing of losses affecting scam victims “in the coming months.”

In a press release, MAS admitted that development of the framework is taking longer than expected.

“The process of developing the framework is, however, taking longer than expected in view of the complexity of the issues and the importance of ensuring that the loss sharing and accountability approach incentivises all key parties in the ecosystem to be vigilant against scams,” MAS said in a statement.

“MAS is keenly aware of the importance of this framework and will publish the consultation paper as soon as possible,” the regulator concluded.

MAS kicked off the creation of the framework in February after one of Singapore’s major lenders, OCBC, reported that several of its customers have fallen prey to an SMS phishing scam. MAS had said then that it planned to publish the framework within three months’ time.

OCBC had shouldered the losses of at least 30 customers, tagging it as “goodwill payouts.” MAS later clarified that the payouts are “a one-off gesture” and do not set a general precedent for future cases.

MAS had since teamed up with the Association of Banks in Singapore (ABS) and introduced additional measures to bolster digital banking security, which include the removal of clickable links in emails and text messages sent to customers, and setting a new notification system for money transfers and changes to account details.

Follow the link s for more news on

Pembekuan pendanaan menghantam penyedia layanan BNPL

Investor semakin sedikit mengalirkan dana ke penyedia layanan BNPL yang sudah menghadapi keuntungan margin yang tipis.

HSBC: Aliansi bank-fintech merupakan win-win

Pemberi pinjaman dapat belajar dari teknologi disruptif sambil membantu mereka mematuhi regulasi.

Tokenisasi aset perdagangan untuk menjembatani kesenjangan pembiayaan

Teknologi blockchain dapat mendesentralisasikan operasi keuangan dan mempermudah akses kredit.

BCA menjalankan komitmen terhadap keuangan berkelanjutan

Bank asal Indonesia ini mempertimbangkan aspek lingkungan dan tata kelola dalam keputusan pemberian pinjaman.

Mengapa UNOBank mendorong embedded finance tumbuh di Filipina

Bagi UNOBank, banking interface terpadu adalah strategi pertumbuhan sekaligus upaya inklusi keuangan.

OCBC mencoba mengurangi kesenjangan manfaat bagi agen properti di Singapura

Produk terbarunya menawarkan manfaat finansial di bidang perbankan, asuransi, dan perdagangan.

Upaya Malaysia menjadi anggota BRICS untuk mendorong perombakan sistem perbankan

Namun, tantangan muncul ketika menjauh dari ketergantungan pada AS dan SWIFT.

Platform pembayaran PingPong memperoleh lisensi PJP di Indonesia

PingPong mengincar ekspansi ke pasar ekspor senilai $320 miliar di negara tersebut.

Merger dan penutupan mengancam 3.800 bank di area pedesaan Cina

Sekitar 70 bank di area tersebut telah merger sejak 2023.