SG to mandate real-time fraud detection for banks

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THE Singapore government’s new mandate for financial institutions to implement real-time fraud detection by mid-2025 represents a proactive approach to combating rising phishing scams and unauthorized withdrawals.

This initiative, part of the Shared Responsibility Framework (SRF), requires banks to suspend transactions that rapidly drain accounts until verified by the customer, with a liability on the bank for full reimbursement if no action is taken.

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