MAS and ABS also highlighted the need for customers to stay abreast of online banking hygiene practices as scam tactics evolve.
For instance, they should keep apprised of scam advisories and alerts, refer to official sources for hotline numbers and website addresses, turn on in-app notifications for their banking apps on their devices, and never reveal Internet banking credentials or passwords to anyone.
“While the enhanced anti-scam measures put in place by banks may lengthen the time taken for customers to complete certain online banking transactions, this is necessary to achieve a greater level of security and protection for their funds,” MAS and ABS said.
They added that the ongoing fight against scams requires an “ecosystem approach”, with all stakeholders playing their part.
“A draft framework aimed at achieving an equitable loss sharing between consumers and financial institutions is being finalised and will be put up for public consultation as part of a revised E-Payments User Protection Guidelines soon,” they added in the news release.
“The consultation will also cover the responsibilities of other key parties in the ecosystem.”
MAS deputy managing director for financial supervision, Ho Hern Shin, added: “MAS will continue to work with other government agencies and financial institutions to strengthen Singapore’s financial system’s resilience against scams.”