Singapore regulator ramps up scam loss liability plan after $13.7m spoof case

Mark Battersby
clock • 3 min read

The Monetary Authority of Singapore (MAS) said on 4 February it was working with the industry "in the coming months" to "develop a framework for equitable sharing of losses arising from scams". This comes after 790 OCBC Bank customers lost $13.7m in recent scams where fraudsters spoofed its name to send fake SMSes with phishing links to victims. OCBC's recent goodwill payouts to fully cover the scam losses of customers "were a one-off gesture by the bank in the circumstances, which included the bank's consideration of how it had not met its own expectations of customer service and res...

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