Chee Hong Tat on suitability of shared responsibility principles for investment scams

The Shared Responsibility Framework focuses on phishing scams involving unauthorised transactions and is not suitable for scams involving self-effected transfers, said Monetary Authority of Singapore (MAS) Deputy Chairman Chee Hong Tat. He said defeating such scams requires all parties to exercise vigilance, messaging platforms to make it harder for scammers to engage victims and banks putting in place cognitive brakes to give victims time to reconsider. Individuals should protect themselves and check if an investment product is being offered by an MAS-regulated financial institution. Mr Chee was answering a parliamentary question on Thursday (Sep 10).