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Singapore banks, telcos tasked with 'anti-scam duties' to fight phishing starting Dec. 16

( October 25, 2024, 06:37 GMT | Official Statement) -- MLex Summary: Starting Dec. 16, financial institutions and telecommunications companies in Singapore will have to implement certain anti-scam duties to prevent phishing scams, such as implementing a kill switch and SMS filters, or make payouts to victims in case they fail to do so following a "shared responsibility" approach. In response to feedback during the consultation period, the Monetary Authority of Singapore and the Infocomm Media Development Authority also agreed to require financial institutions to implement real-time fraud surveillance to detect unauthorized transactions that result in account draining, with a six-month transition period. The full statement follows:...

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