Singapore’s authorities has clarified that the Shared Accountability Framework won’t apply to bank card fraud instances, citing current sturdy protections for shoppers.
This clarification got here in response to a parliamentary query on the prevalence of bank card fraud within the nation.
Knowledge from the Singapore Police Pressure revealed a median of 790 reported instances yearly from 2021 to 2023, with losses amounting to s$2.1 million annually.
Deputy Prime Minister Gan Kim Yong emphasised the excellent safety measures already in place, together with safeguards applied by international card schemes corresponding to Visa and Mastercard, alongside card issuers like banks.
Over time, these measures have been strengthened to fight fraud successfully.
Safety protocols such because the 3-D Safe protocol (3DS) add an authentication layer for on-line transactions, whereas banks have applied real-time transaction monitoring and moved from SMS One-Time Passwords (OTPs) to push notifications through digital banking apps.
Push notifications, he famous, can’t be phished, in contrast to SMS OTPs, additional enhancing shopper safety.
Current laws, such because the ABS Code of Observe for Banks, restrict shopper legal responsibility for unauthorised transactions to S$100, offered cardholders report the problem as quickly as fairly practicable, haven’t been grossly negligent, and don’t authenticate fraudulent 3DS transactions.
The chargeback mechanism underneath card scheme guidelines additionally affords recourse for cardholders to dispute fees and get better funds, significantly in instances the place retailers fail to allow 3DS authentication.
Whereas the Shared Accountability Framework is deemed unsuitable for bank card fraud, the federal government urged the general public to play their half by safeguarding bodily playing cards and card info.
This consists of usually monitoring transactions, and promptly reporting any loss, theft, or suspicious exercise to their banks.
These efforts, mixed with current frameworks, purpose to minimise dangers and improve shopper confidence.
Featured picture credit score: Edited from Freepik
