Singapore will not extend its Shared Responsibility Framework to investment scams where victims authorise the transfers themselves.
Chee Hong Tat, Deputy Chairman of the Monetary Authority of Singapore (MAS), told Parliament that the framework was designed for phishing scams involving unauthorised transactions.
He said the same approach was unsuitable for self-effected transfers.
Investment scams recorded the highest losses among all scam types in the first half of 2026.
However, overall scam cases and losses declined in 2025 and the first half of this year.
Singapore will instead focus on making it harder for scammers to reach potential victims and giving customers more time to reconsider risky transfers.
Online messaging platforms will be required to limit contact from unknown users without the recipient’s consent.
They must also warn users about the possible scam risks of such contacts.
Major retail banks have also introduced cooling periods for higher-risk activities.
These include adding payees, raising transaction limits and making large transfers that could drain an account.
The government will continue educating the public about investment scams.
Individuals should check whether an investment is offered by an MAS-regulated financial institution and contact the institution through its official channels before transferring money.
Featured image: Edited by Fintech News Singapore, based on image by user23413193 via Magnific
