Singapore's Broad Strategy to Combat Scams
Upstream Measures
Downstream Measures
Public Education
- Reply to Adjournment Motion on “Losses from Scams and Malware Fraud: Doing Right by Bank Customers” by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, on behalf of Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS, on 18 September 2023
- "Bolstering the Security of Digital Banking" - Ministerial Statement by Mr Lawrence Wong, Minister for Finance and Deputy Chairman of the Monetary Authority of Singapore (MAS), on behalf of Mr Tharman Shanmugaratnam, Senior Minister and Minister-in-charge of MAS, on 15 February 2022
Consultation Papers and Responses
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
Claim Stage
Consumer must furnish a valid email address and any other supporting information such as a police report and digital communication trail(s).
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.
Outcome Stage
The FI (or Telco in specific situations) informs victim of outcome of investigation.
Recourse Stage
Existing avenues of dispute resolution
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
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.
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