In a parliamentary reply, Monetary Authority of Singapore Deputy Chairman Chee Hong Tat said the Shared Responsibility Framework should remain focused on phishing scams involving unauthorized transactions and is not suitable for investment scams and other scams in which victims initiate transfers themselves. Investment scams recorded the highest losses among scam types in the first half of 2026, although overall scam cases and losses declined in 2025 and the first half of 2026. The government is instead relying on layered safeguards involving online platforms, banks and consumers. Messaging platforms will be required to restrict approaches from unknown contacts and display scam warnings, while major retail banks have progressively introduced cooling periods for higher-risk actions such as adding payees, raising transaction limits and making large transfers that could drain accounts. Individuals are advised to verify that an investment provider is regulated by MAS and contact the institution through official channels.
2026-09-10Monetary Authority of Singapore
Monetary Authority of Singapore says shared responsibility framework is unsuitable for self-effected investment scams
Monetary Authority of Singapore Deputy Chairman Chee Hong Tat said the Shared Responsibility Framework for unauthorized phishing transactions is unsuitable for self-effected investment scams. The government is instead using platform restrictions, bank cooling periods and consumer verification measures to reduce such scams.