Financial institutions, telcos to be accountable to scam victims

FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside/File Photo

SINGAPORE: Banks must block or hold for 24 hours suspicious transactions involving more than S$25,000.

This move must be part of banks’ real-time fraud surveillance to substantially reduce cases of customers having large sums of money rapidly drained from their accounts without their knowledge, the Monetary Authority of Singapore (MAS) announced on Oct 24.