S’pore telcos, banks to be accountable to scam victims if found negligent

The move will likely make Singapore the first jurisdiction to include telecommunication operators or other infrastructure service providers in a fraud reimbursement framework. — The Straits Times

SINGAPORE: Mobile phone operators that fail to fulfil duties outlined under a proposed framework may soon have to share the responsibility with financial institutions such as banks, when it comes to reimbursing victims of certain phishing scams.

This framework was outlined in a joint consultation paper by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority on Wednesday that seeks to strengthen the direct accountability of financial institutions and telcos to consumers.