The Costs Of Fraud Should Be Shared

Dateline: Woking, 7th March 2024.I went to the Singapore Fintech Festival last year to see what was going in the dynamic Asian market and I was not disappointed. There were plenty of interesting fintechs showing off new products and services, but to be honest what interested most at the event was the nation’s new initiative on fraud. In a couple of weeks’ time, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) are going implement the new Shared Responsibility Framework (SRF) for dealing with the victims of phishing scams.Subscribe nowUnder the SRF, MAS and IMDA have established specific duties for FIs, PSPs and telcos, designed to directly combat phishing scams. This interests me because it is what banks are calling for in other jurisdictions (including the UK) where the banks quite rightly object to being forced to compensate customers who have fallen prey to scammers when other market participants, particularly social media platforms, do nothing to prevent these activities (in fact, it can be argued that they facilitate them).In the UK consumers lost nearly half a billion pounds to authorised push payment (APP) fraud last year, according to trade body UK Finance, more than two-thirds of which involved goods that were ordered online by consumers but did not arrive. Most purchase fraud comes from false adverts on social media platforms including Facebook Marketplace, according to Lloyds Banking Group and TSB. Some four-fifths of all TSB fraud cases involving some kind of manipulation or coercion (they refer…The Costs Of Fraud Should Be Shared