SINGAPORE – A review to provide clearer guidelines on what happens to consumers and banks in the event of scams will be conducted by the end of the year, Finance Minister Lawrence Wong said in Parliament on Monday (July 26).
The Monetary Authority of Singapore (MAS) will be working with financial institutions to fine-tune the existing framework on fraudulent payment transactions, covering the responsibilities and liabilities of banks and consumers in such situations.
The police received 89 reports of fraudulent card transactions performed with SMS one-time passwords (OTPs) where the victims said they did not make the transaction or receive the OTP to authorise it, between September last year and February, Mr Wong said.
He was replying to Ms Yeo Wan Ling (Pasir-Ris Punggol GRC), who asked if there has been an increase in bank-related cyber scams in the past six months.
“While these cases represent less than 0.1 per cent of…