Alvin Tan on cooling-off period of Shared Responsibility Framework against scams
The Shared Responsibility Framework requires financial institutions to impose a cooling-off period upon activation of digital security tokens. This 12-hour minimum period gives customers sufficient time to act on abnormal activities on their accounts while balancing the inconvenience to customers. In calibrating this threshold, a balance must be struck between protecting customers and the inconvenience posed to consumers conducting legitimate transactions. Board Member of the Monetary Authority of Singapore (MAS) Alvin Tan highlighted this approach in reply to MPs’ questions in Parliament on Tuesday (Nov 12). He said MAS expects banks to take into account other factors, such as the consumers’ profiles and potential vulnerability to scams, as well as their spending patterns as part of their holistic approach towards fraud surveillance. Mr Tan said MAS and the banks will continue to step up outreach efforts to raise public awareness against scams, particularly for vulnerable groups.
The Shared Responsibility Framework requires financial institutions to impose a cooling-off period upon activation of digital security tokens. This 12-hour minimum period gives customers sufficient time to act on abnormal activities on their accounts while balancing the inconvenience to customers. In calibrating this threshold, a balance must be struck between protecting customers and the inconvenience posed to consumers conducting legitimate transactions. Board Member of the Monetary Authority of Singapore (MAS) Alvin Tan highlighted this approach in reply to MPs’ questions in Parliament on Tuesday (Nov 12). He said MAS expects banks to take into account other factors, such as the consumers’ profiles and potential vulnerability to scams, as well as their spending patterns as part of their holistic approach towards fraud surveillance. Mr Tan said MAS and the banks will continue to step up outreach efforts to raise public awareness against scams, particularly for vulnerable groups.
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