Proposed Enhancements To The E-Payments User Protection Guidelines And Shared Responsibility Framework

Two consultation papers relating to the protection of e-payments users were published on 25 October 2023. The first relates to proposed enhancements to the MAS' E-Payments User Protection Guidelines ("User Protection Guidelines"), while the other relates to a proposed shared responsibility framework applicable to financial institutions ("FIs"), telecommunication operators ("Telcos") and consumers in respect of losses arising from covered phishing scams.

In respect of the User Protection Guidelines, the MAS has proposed to: (a) align the guidelines with established anti-scam industry practices implemented by major retail banks; (b) impose additional duties of responsible financial institutions to facilitate prompt detection of scams by consumers and introduce a fairer dispute resolution process; and (c) reinforce the responsibility of consumers to take necessary precautions against scams. The MAS is also looking to introduce additional guidelines to clarify the