SINGAPORE – A taskforce led by Singapore’s central bank is reviewing how to apportion the liability of a fraudulent online transaction between affected consumers and financial firms, said the Minister of State for Home Affairs Desmond Tan.
To keep online transactions and e-payments secure, the Monetary Authority of Singapore (MAS) has set up a taskforce with representatives from banks and key payment players to review practices that the financial industry can put in place to better protect consumers against scams and fraudulent transactions, he said on Thursday (July 8).
“This review will aim to provide fair, clear and consistent approaches for liability apportionment for fraudulent payment transactions,” said Mr Tan at the Association of Banks in Singapore’s (ABS’s) Financial Crime Seminar.
Mr Tan, who also chairs the Inter-Ministry Committee on Scams (IMCS), said Singapore continues to see a significant rise in the number of scams.
In 2020, more…