The proposed framework in Singapore comes at a time when scams are a plague on the nation, with 22,339 reported scam cases in the first half of 2023. — The Straits Times/ANN
THE suggested framework for financial institutions (FIs) and telecommunication providers in Singapore to share responsibility when scams occur makes it clear who is liable to bear the cost of fraud, said experts.
Still, more can be done to protect users from vulnerable groups and to address malware scams, which allow fraudsters to take control of a user’s device and empty the victim’s bank accounts, and scams from overseas, some said.
