SINGAPORE: The Monetary Authority of Singapore (MAS) is reviewing the liability framework for card scams, including in cases when both consumer and financial institution are not at fault.
“MAS is working with the industry to review the existing framework to provide greater clarity on the responsibilities and liabilities of consumers and financial institutions in the case of fraudulent payment transactions,” Finance Minister Lawrence Wong told Parliament on Monday (Jul 26).
“The review will include the scenario where neither the consumer nor the financial institution was remiss in allowing the fraud to occur.
“The framework should provide a balance of incentives for all parties to do their part in preventing fraudulent transactions while ensuring that consumers who are not at fault are protected.”
Mr Wong said MAS and the industry are “working towards a review and outcome by the end of the…