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Singapore must find ‘right approach’ to decide who takes responsibility for malware scam losses: MAS chief

Major retail banks have introduced anti-malware controls to secure customers’ banking apps and are considering a “money lock” feature to safeguard digital savings. This move follows an announcement from February 2022 after OCBC customers lost S$13.7 million to phishing scams. A draft framework addressing liability for scam losses is being discussed, including making telecom companies and infrastructure service providers partially responsible.

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