About Shared Responsibility Framework (SRF)
Digital scams are evolving rapidly, causing financial losses and undermining trust in online banking. To strengthen protections and promote shared accountability, Monetary Authority of Singapore and Infocomm Media Development Authority have introduced the Shared Responsibility Framework (SRF). Starting from 16 December 2024, this framework clarifies how banks like us and customers like you can work together to prevent and address phishing scams together.
Note: In line with MAS and IMDA’s Shared Responsibility Framework, we are constantly enhancing our fraud monitoring system to safeguard your savings more effectively. Keeping your money safe against scams is our top priority. Some transactions may be delayed by up to 24 hours, allowing you time to cancel the transfer if it is unauthorised. We appreciate your understanding and encourage you to plan your payments in advance to avoid any disruptions.
The Shared Responsibility Framework applies to scams that exploit a three-step process:
The Trick | The Trap | The Theft |
---|---|---|
Scammer impersonates a legitimate entity that offers services to Singapore residents (e.g. government organisations, banks). | Customer clicks on link provided by the scammer through digital messaging platform (e.g. SMS) and enters his account credentials onto the fabricated digital platform (e.g. fake website). | Scammer uses customer’s account credentials to take over his account and perform unauthorised transaction(s). |
Frequently Asked Questions
What types of accounts does the SRF cover?
What should I do if I suspect I am a victim of a scam?
Responsible Financial Institution (RFI) and Responsible Telco Responsibilities
What are the responsibilities of my bank (Responsible FI) under the SRF?
- Cooling-off Period: We enforce a minimum 12-hour cooling-off period after security token activation or logins from new devices, restricting high-risk activities (adding payees, increasing limits, disabling notifications, changing contact info).
- Real-time Alerts for High-Risk Activities: We provide real-time alerts for all high-risk activities (adding payees, increasing limits, updating particulars, disabling alerts) as defined in the SRF.
- Real-time Outgoing Transaction Notifications: We provide real-time notifications for all outgoing transactions.
- 24/7 Reporting Channel and Safety Switch: We offer a 24/7 reporting channel, including a "Safety Switch" – a self-service feature allowing you to promptly block mobile and online access to your account if you suspect you are a victim of a scam. For all scam report, please call our fraud hotline at 1800 339 6963 or (65) 6339 6963 from overseas.
- Enhanced Real-time fraud surveillance (effective 16 June 2025): We will progressively enhance our round-the-clock monitoring system to better detect and mitigate cases of consumers’ accounts having material sums being rapidly wiped out by unauthorised transactions in a phishing scam. You may experience some delays or additional security checks as a result, but we assure you this is a necessary step to enhance your online safety.
What are the responsibilities of my telecommunication company (Responsible Telco) under the SRF?
- Connect only to authorised aggregators# for delivery of Sender ID SMS: Telcos should only deliver Sender ID SMS to their subscribers if it is received from approved sources.
- Block Sender ID SMS from non-authorised aggregators: Telcos should block Sender ID SMS from unapproved sources.
- Implement anti-scam filter: Telcos should filter and block SMS containing malicious URLs that match those in a database designated for Telcos to refer to.
How will the responsibility for losses be determined?
What are other ways I can use to protect my money from scammers?
- Update your contact details: Ensure you receive timely alerts from us by updating your contact details to stay informed and protected.
- Lock your money with digiVault: Just as a lock protects your valuables, digiVault protects your money by preventing scammers from performing unauthorised transactions.
- Complete your Security Checkup: Spend a minute on your digibank app to complete your recommended security actions and strengthen your banking defences.
- Review your transfer limits: Protect your account from large, unauthorised transactions by reviewing and adjusting your transaction limits.