A Report by CYS Global Remit Legal & Compliance Office
The Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) will launch the Shared Responsibility Framework (SRF) on December 16, 2024. This innovative initiative aims to tackle phishing scams by defining clear responsibilities for financial institutions and telecommunications providers.
Financial Institutions' Responsibilities:
Implement a 12-hour cooling-off period for new security tokens
Deliver real-time alerts for high-risk transactions
Provide notifications for outgoing transactions
Maintain 24/7 reporting channels
Conduct real-time fraud monitoring
Telecommunications Companies' Responsibilities:
Partner exclusively with authorized SMS aggregators
Block unauthorized Sender ID SMSes
Filter SMSes containing malicious URLs
Liability Structure:
Financial institutions are accountable for losses if they fail their duties.
Telecommunications companies are responsible if they breach obligations while financial institutions comply.
Consumers bear losses only when both parties meet their obligations.
This initiative is a significant move towards enhancing consumer confidence in digital banking and payment systems, while highlighting the ongoing importance of personal vigilance in safeguarding sensitive information.
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