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WP's Jamus Lim proposes scam victims should bear no more than S$100-S$500 of losses, with banks and telcos bearing the rest of the costs instead.
https://www.businesstimes.com.sg/singapore/economy-policy/wp-mp-proposes-scam-victims-should-bear-no-more-s100-s500-losses
SCAM victims should not have to bear more than S$100 to S$500 in losses, with banks and telcos bearing the rest of the costs instead, Workers’ Party (WP) Member of Parliament (MP) Jamus Lim suggested in Parliament on Wednesday (Jan 10).
In debating a parliamentary motion on digital safety, Prof Lim called the Monetary Authority of Singapore’s (MAS) loss-sharing framework for phishing scams “fundamentally unfair”.
In a consultation paper released last October, MAS proposed that financial institutions should bear the full loss in the first instance, followed by telcos – but only if they had failed to protect consumers. If financial institutions and telcos have fulfilled certain pre-defined duties, consumers should bear the full cost.
#local
https://www.businesstimes.com.sg/singapore/economy-policy/wp-mp-proposes-scam-victims-should-bear-no-more-s100-s500-losses
SCAM victims should not have to bear more than S$100 to S$500 in losses, with banks and telcos bearing the rest of the costs instead, Workers’ Party (WP) Member of Parliament (MP) Jamus Lim suggested in Parliament on Wednesday (Jan 10).
In debating a parliamentary motion on digital safety, Prof Lim called the Monetary Authority of Singapore’s (MAS) loss-sharing framework for phishing scams “fundamentally unfair”.
In a consultation paper released last October, MAS proposed that financial institutions should bear the full loss in the first instance, followed by telcos – but only if they had failed to protect consumers. If financial institutions and telcos have fulfilled certain pre-defined duties, consumers should bear the full cost.
#local
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