Singapore – Major mobile network operators (MNOs) in Singapore has assured the public of their compliance to Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority of Singapore (IMDA)’s Shared Responsibility Framework (SRF) for phishing scams.
MAS and IMDA recently announced the implementation of the SRF, which assigns duties to financial institutions and telecommunication companies to address phishing scams. In a joint response, MNOs M1, Singtel, StarHub and SIMBA emphasises their collective adherence to protect its customers.
“The MNOs have already implemented the telco duties set out in the Shared Responsibility Framework (SRF). On top of these duties, the MNOs have also complied with other scam prevention measures such as stringent SIM card registration requirements and offering the option for subscribers to block international calls and SMS,” the statement read.
The SRF holds network banks and telco liable for customers suffering from scams, requiring them to perform real-time fraud surveillance. If a customer is scammed, telcos may be expected to bear the losses if the guidelines are not followed.
The MNOs said they will collaborate with authorities to enforce measures and avoid scams.
“In line with the SRF, the respective MNOs will review the eligibility of claims made, with consideration of fair recourse,” the joint statement read.
Earlier this year, the major MNOs have strengthened their anti-scam efforts by partnering with IMDA to allow their customers to block international mobile numbers.
MAS and IMDA is set to implement the SRF starting Dec. 16, 2024. The SRF was first published on Oct. 25, 2023 for a consultation, gathering responses from the public and business representatives.
