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Regulators have proposed a shared responsibility framework detailing who should be held responsible in the event of a phishing scam, with consumers also taking on some liability.

Singapore has laid out a framework detailing parties that should be held responsible for phishing scams, with banks and telcos taking on accountability for the first line of defense. 

Regulators for the financial services and ICT sectors this week released a joint consultation paper with a proposed shared responsibility framework that will kick in, in the event of a phishing scam.  

Also: Quishing is the new phishing: What you need to know

It assigns “relevant duties” to both financial institutions and telcos to mitigate such scams and details financial damages to be paid out to affected victims, should these duties be breached, said Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA).

The proposed framework comes more than a year after MAS unveiled plans to establish rules laying out how losses from online scams should be shared. The regulator had cautioned victims against assuming they would be able to recover their losses and urged all parties to remain vigilant. 

Singapore’s efforts to clarify accountability intensified following a massive phishing scam involving OCBC Bank customers, which resulted in losses totaling SG$13.7 million ($10.18 million). Several measures since were introduced to beef up local banking and communications infrastructures, including a “kill switch” banks must provide to enable customers to suspend their accounts in a suspected breach.

Also: What is ransomware? Everything you need to know and how to reduce your risk

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