THE Singapore government's new mandate for financial institutions to implement real-time fraud detection by mid-2025 represents a proactive approach to combating rising phishing scams and unauthorized withdrawals.
THE Singapore government's new mandate for financial institutions to implement real-time fraud detection by mid-2025 represents a proactive approach to combating rising phishing scams and unauthorized withdrawals.This initiative, part of the Shared Responsibility Framework , requires banks to suspend transactions that rapidly drain accounts until verified by the customer, with a liability on the bank for full reimbursement if no action is taken.
The SRF promotes collaboration across financial, telecommunications and regulatory sectors, facilitating data sharing and consistent fraud reporting to enhance threat detection and reduce response time.This coordinated approach aligns with recent trends of escalating cyberattacks on financial services, with Singapore's banking sector seeing an average of 1,827 attacks per week.
To Mandate Real-Time Fraud Detection For Banks
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