Event Details
With advances in technology and the ongoing Artificial Intelligence revolution, the world has gone increasingly digital and will continue on this trajectory, with more services being available online. A result of this is the increasing number of people falling prey to online scams. Singapore in particular has emerged as a prime target for scammers due to its affluence, high internet penetration rate with 99% of households having internet access, a robust digital infrastructure, high smartphone usage, and strong government focus on digital adoption. There were more than 46,000 reported scam cases in Singapore in 2023, which was a 46.8% increase from 2022, with a total loss of S$651.8 million. As a result, there have been public and private outcries for businesses to bear more responsibility in preventing scams and aiding victims who are customers.
Launched jointly by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) in October 2023, a framework for sharing responsibility for phishing scam losses among financial institutions, telcos and consumers is set to be rolled out later in 2024. The proposed Shared Responsibility Framework would make Singapore one of the few jurisdictions worldwide where mobile network operators must share responsibility with financial institutions and other payment service providers to reimburse victims of phishing scams.
Join AmChamSG as we unpack the proposed framework and its requirements, how companies can prepare, and current industry best practices in protecting customers from online scams.
Please note the following details:
- The event is held under the Chatham House Rule https://www.chathamhouse.org/about-us/chatham-house-rule
- Images from the event may be used for AmCham Singapore's post-event information, marketing and promotional purposes.
- The personal information provided to us will only be used for event registration and administration.
By registering for this event, you agree and consent to the above.
* For any enquiries please contact the AmCham Programming and Events Team at pe@amcham.com.sg.
