Financial institutions, then telcos in Singapore accountable to scam victims if found negligent under planned framework

Scams where victims authorise payments to a fraudster, such as those arising from investment or love scams, are not covered. — KUA CHEE SIONG/The Straits Times/ANN

SINGAPORE: Mobile phone networks that don’t enforce security protocols will have to reimburse victims of certain phishing scams – a ruling that already applies to financial institutions.

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