On 13 February 2018, the Monetary Authority of Singapore ("
MAS") conducted a public consultation on the
establishment of a framework to protect certain vulnerable users
from losses, arising from unauthorised or erroneous payment
transactions from accounts maintained with certain financial
institutions (" FIs"), such as banks and
holders of stored value facilities.
After receiving feedback from the public, MAS has on 28
September 2018 finalised its policy posture on the framework, and
issued the E-Payments User Protection Guidelines
("Guidelines").
Overview
The Guidelines aim to establish a common baseline protection
offered by in-scope FIs in respect of losses arising from
unauthorised or erroneous transactions, and cover the following
areas:
