Banks, customers to share scam losses; framework to seek views: Wong

Singapore

EVEN as banks adopt new and better technologies to bolster the security of digital banking, it is important to establish a framework for sharing the liability for scam losses, said deputy chairman of the Monetary Authority of Singapore (MAS) Lawrence Wong in Parliament on Tuesday (Feb 15).

This comes as OCBC's recent goodwill payouts to fully cover scam victims' losses were made as a one-off gesture and do not set a general precedent for future cases, said Wong, who is also finance minister.