Combatting Scams

As digital transactions become more prevalent, scammers are employing increasingly sophisticated tactics to exploit vulnerabilities and target victims. In Singapore, we have consistently emphasised the need for a whole-of-ecosystem approach to scams, fostering collaboration across multiple Government agencies, as well as private sector entities. Equally crucial is an informed and vigilant public, which serves as a cornerstone in the collective fight against scams.

Singapore's Broad Strategy to Combat Scams

What is the Shared Responsibility Framework?

The Shared Responsibility Framework (SRF) for phishing scams was introduced by MAS and Infocomm Media Development Authority of Singapore (IMDA) to strengthen the direct accountability of financial institutions and telecommunications providers to consumers for losses incurred from such scams. This framework assigns duties to mitigate phishing scams and sets expectations of payouts to affected scam victims where these duties are breached.  

Participants in the SRF include the following. 

Consultation Papers and Responses

Consultation Paper and Response on Shared Responsibility Framework

The consultation paper and response set out MAS’ and IMDA’s policy objectives and details of the SRF. They clarify the allocation of responsibility for losses arising from a defined scope of phishing scams under the SRF, and the operational workflow for consumers to report such scams.

Read Consultation Paper and Response on the Proposed Shared Responsibility Framework
Read Guidelines on Shared Responsibility Framework
View Infographic on operational workflow for Shared Responsibility Framework (108 KB)

If you suspect that you may be a victim of scam, please contact your Financial Institution (FI) immediately, and report to the Police. Your FI will coordinate the investigation and will follow up with you as necessary, including advising if the case is a phishing scam that falls within the SRF.

General workflow of the Shared Responsibility Framework

  1. Claim Stage

    Consumer must furnish a valid email address and any other supporting information such as a police report and digital communication trail(s).

  2. Investigation Stage

    FIs will be the main contact point with the consumer. FIs may include the Telco into the communication chain with the consumer in specific situations, for example, to address a Telco-specific query for an SRF claim. 

  3. Outcome Stage

    The FI (or Telco in specific situations) informs victim of outcome of investigation.

  4. Recourse Stage

    Existing avenues of dispute resolution 

List of banks that the SRF applies to
Name of banks
1.   BANK OF CHINA LIMITED
2.   CITIBANK SINGAPORE LIMITED
3.   CIMB BANK BERHAD
4.   DBS BANK LTD.
5.   GXS BANK PTE. LTD.
6.   HSBC BANK (SINGAPORE) LIMITED
7.   HL BANK
8.   INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
9.   MARIBANK SINGAPORE PRIVATE LIMITED
10. MAYBANK SINGAPORE LIMITED
11. OVERSEA-CHINESE BANKING CORPORATION LIMITED
12. RHB BANK BERHAD
13. STANDARD CHARTERED BANK (SINGAPORE) LIMITED
14. STATE BANK OF INDIA
15. THE BANK OF EAST ASIA LIMITED
16. TRUST BANK SINGAPORE LIMITED
17. UNITED OVERSEAS BANK LIMITED
List of Payment Service Providers (Major Payment Institutions) that the SRF applies to
Name of Major Payment Institutions  Associated E-wallet Product  

1. AIRWALLEX (SINGAPORE) PTE. LTD.

Global account

2. ALETA PLANET MES PTE. LTD. AP-1 individual account
3. ATLAS CONSOLIDATED PTE. LTD.  Hugosave
4. BIGPAY SINGAPORE PTE. LTD.  BigPay
5. BW DEVELOPMENT & HOLDINGS PTE. LTD.  Minxpay
6. CYS GLOBAL REMIT PTE. LTD.  ET-HOME
7. DIGITAL TREASURES CENTER PTE. LTD.  Dtcpay
8. FORIS ASIA PTE. LTD. Crypto.com Visa card
9. GPAY NETWORK (S) PTE. LTD.  GrabPay
10. LIQUID GROUP PTE. LTD.  LiquidPay wallet, ChangiPay wallet (provided by Liquid Group)
11. MATCHMOVE PAY PTE. LTD. Maxi Pay, Delyte Pay
12. MONFX PTE. LTD.  MonFX Pay
13. MOOLAHGO PTE. LTD.  moolahPAY
14. NIUM PTE. LTD. Instarem Amaze wallet
15. PAYPAL PTE. LTD. PayPal wallet
16. RAPYD HOLDINGS PTE. LTD. Rapyd wallet
17. REVOLUT TECHNOLOGIES SINGAPORE PTE. LTD. Revolut e-wallet
18. SHOPEEPAY PTE. LTD.  ShopeePay e-wallet
19. SIMPLYGO PTE. LTD.  EZ-Link wallet
20. SINGAPORE LIFE LTD.  Singlife account
21. SINGCASH PTE. LTD.  Singtel Dash
22. SINGX SINGAPORE PTE. LTD.  SingX wallet
23. SLIDESG PTE. LTD.  Slide wallet
24. WALLETORY PTE. LTD. Account in Walletory’s e-banking platform
25. WISE ASIA-PACIFIC PTE. LTD.  Wise
26. WOTRANSFER PTE. LTD.  Starryblu
27. WTSG PTE. LTD.  WTSG account
28. XFERS PTE. LTD.  StraitsX Fiat account (Canvas Visa card top up programme)
29. YOU TECHNOLOGIES GROUP (SINGAPORE) PTE. LTD. YouTrip account
30. ZEN.COM PTE. LTD.  ZEN wallet

Anti-scam Measures for Major Payment Institutions 

The anti-scams circular uplifts the baseline anti-scam standards of relevant payment service providers.

Read Circular on Anti-scam measures by Major Payment Institutions Providing Personal Payment Accounts that contain E-money

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