Shared Responsibility Framework News Today

The Government will take into account the suggestions and feedback received from the public consultation on the Shared Responsibility Framework (SRF) that closed in December last year. It aims to publish its response to the consultation and implement the SRF later this year. Member of the Monetary Authority of Singapor

Mobile network operators will also share the responsibility to reimburse victims of phishing scams. Read more at straitstimes.com.

No less than 219 customers of DBS bank have reportedly been duped by sophisticated phishing scams in the first two weeks of 2024.

Phishing scams have been the bane of the digital age, tricking victims into handing over their hard-earned money.

The National Artificial Intelligence Strategy 2.0 will triple the pool of AI expert pool, and serve as a model for other countries, experts say.

Singapore News - Telcos here blocked about 180 million suspected scam calls in the first six months of 2023. And more than 3,700 mobile lines, believed to be used by scammers, were flagged by the police to telcos for termination during the same period. Minister of State for Home... Read more at www.tnp.sg

With the “waterfall approach” taken under a proposed Shared Responsibility Framework (SRF) for phishing scams, only if a bank and telco fully discharge their stipulated duties will the customer at the “bottom” have to bear the loss. Besides assigning accountability for scam losses, this approach also incentivis

The regulator has “leaned on the banks to be even more accommodative” in these payments, Mr Alvin Tan said Read more at straitstimes.com.

Traditional SMS messages lack encryption and are inherently insecure, and can be spoofed by scammers. Read more at straitstimes.com.

Consumers should switch to push notifications instead of SMS alerts for digital banking because they are safer and more secure, experts told The Straits Times.