Lawrence Wong on review of framework to guard against fraudulent transactions
26 Jul 2021 01:36pm
The Monetary Authority of Singapore is working with the industry to review the framework to provide greater clarity on the responsibilities and liabilities of consumers and financial institutions on fraudulent payment transactions. Finance Minister Lawrence Wong said this in reply to an MP's questions in Parliament on Monday (Jul 26). He said between September 2020 and February 2021, police received 89 reports where victims claimed they neither performed the transactions nor received SMS OTPs to authorise them. They make up less than 0.1 per cent of fraudulent online transactions reported.