Singapore's Waterfall Approach To Preventing Scams

The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) have released a joint paper introducing a Shared Responsibility Framework (SRF) for phishing scams. This framework assigns responsibilities to financial institutions and telecommunication companies and mandates compensation to victims if these responsibilities are not met. Raymon Ram, Certified Fraud Examiner & Anti-Money Laundering Specialist, Graymatter Forensic Advisory tells us the mechanics of it and if Malaysia should implement a similar scheme.

Image credit: Shutterstock.com