Alvin Tan on Shared Responsibility Framework for phishing scams and Money Lock

The Government will take into account the suggestions and feedback received from the public consultation on the Shared Responsibility Framework (SRF) that closed in December last year. It aims to publish its response to the consultation and implement the SRF later this year. Monetary Authority of Singapore (MAS) Board Member Alvin Tan gave this update in reply to an MP’s question in Parliament on Tuesday (Apr 2). Turning to the Money Lock feature offered by local banks, Mr Tan said since the three local banks launched this added protection in November last year, more than 78,000 Money Lock accounts have been set up, with over S$6.6 billion of savings set aside in March this year. Among customers who have used Money Lock, 44 per cent are aged 50 and above, 41 per cent are between 30 and 50 years old and 15 per cent are below 30 years old. Mr Tan said local banks will continue to raise awareness and encourage adoption across all demographic segments. Other major retail banks will introduce Money Lock by mid-2024 and the vast majority of retail depositors will have this option available to them, he said. Hence, MAS has no plans to make this feature mandatory for all banking institutions, he added.