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ARTICLE · 15 JANUARY 2025

Combatting Payment Account Fraud: Singapore's Shared Responsibility Framework

A&O Shearman
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On October 24, 2024, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly announced the

SingaporeFinance and Banking
Ben Regnard-Weinrabe
Ben Regnard-Weinrabe
Nikki Johnstone
Nikki Johnstone
Rory Copeland
Rory Copeland
Anna Lewis-Martinez
Anna Lewis-Martinez
Kimberly Lee
Kimberly Lee
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On October 24, 2024, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly announced the implementation of the Shared Responsibility Framework (SRF) in relation to phishing scams. The SRF will come into effect on December 16, 2024.

The MAS and IMDA jointly published a consultation paper on the proposed SRF in October 2023 (please see our blog post here for further information on this). The SRF, to be implemented via a set of Guidelines, seeks to enhance the accountability of financial institutions and telecommunication operators in protecting consumers from scam losses. The MAS and IMDA have now published a response to that consultation, and the feedback received has been instrumental in shaping the final SRF Guidelines.

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