Banks, customers to share scam losses; framework to seek views: Wong
Payments Council to set out clear, specific responsibilities for proper accountability
Add BT as a preferred sourceClaudia Tan HS
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.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
As more Asean states turn to Russia for fuel, will Moscow boost its influence in the region?
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
Is it time to scrap COE categories for cars?
