Security

Alvin Tan: MAS’ Framework on Loss-Sharing for Scam Victims Taking Longer Than Expected

The Monetary Authority of Singapore (MAS) found that it is taking longer than expected to design a fair and effective framework for the equitable sharing of losses resulting from scams, Minister of State for Trade and Industry Alvin Tan said in a parliamentary reply.

The regulator has been working with the industry to finalise a framework in coordination with other government agencies.

In light of this, MAS said that it aims to seek public comments on the framework as soon as possible.

At the broader level, the Inter-Ministry Committee on Scams (IMCS), chaired by the Ministry of Home Affairs, has partnered with the financial institutions closely.

This includes Project FRONTIER where the Police have established processes with financial institutions to swiftly freeze bank accounts suspected of being used in scams, in order to mitigate victims’ losses and disrupt scammers’ operations.

The Police has reportedly frozen more than 7,800 accounts and recovered more than S$80 million of scam proceeds from January to June 2022.

Other than enforcement actions, the IMCS has expanded its public education campaign, called ‘Spot the Signs. Stop the Crimes.’, to build public awareness and vigilance on how to spot scams.