In a parliamentary response, Monetary Authority of Singapore Deputy Chairman Chee Hong Tat outlined existing consumer safeguards for disputes over unauthorized banking transactions. Banks must provide clear reporting channels, begin investigations promptly, suspend collection of disputed amounts and related charges while investigations are pending, and explain how they assessed liability. Customers who promptly dispute card transactions generally will not be liable when the merchant did not enable the 3-D Secure protocol, with the loss instead falling on the merchant. Banks may offer goodwill payments when customers are found responsible, taking account of their financial circumstances and vulnerability. Customers can challenge a bank’s assessment through the Financial Industry Disputes Resolution Centre, which provides independent, affordable dispute resolution without requiring legal representation.
2026-09-10Monetary Authority of Singapore
Monetary Authority of Singapore outlines safeguards for unauthorized banking transaction disputes
The Monetary Authority of Singapore outlined requirements for banks to investigate unauthorized transaction disputes promptly, suspend collection during investigations and explain liability assessments. Customers can escalate disagreements to the Financial Industry Disputes Resolution Centre without legal representation, while card scheme rules and potential goodwill payments provide additional protections.