STANDING COMMITTEE ON FRAUD
The ABS Standing Committee on Fraud (SCF) aligns the banking sector perspective on
whole-of-Singapore initiatives to address the rising occurrence of digital scams. The SCF, working with the
Monetary Authority of Singapore and the Singapore Police Force, coordinates the industry’s continuous
anti-scam efforts to implement robust practices that safeguard customers, so that they may continue to enjoy the
benefits of digital banking with confidence in its security.
The SCF comprises senior representatives from the seven Domestic Systemically Important Banks, and will develop
and drive industry strategies for the following:
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Monitor and identify potential weaknesses and opportunities with a view to develop and implement measures to
combat digital scams.
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Promote sharing of best practices among
banks on ever-evolving scam typologies and digital security trends.
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Provide industry-level guidance on implementation and enhancement of digital security controls across member
banks.
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Heighten digital security awareness and good cyber hygiene among customers.
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Foster inter-organisational and cross-sectorial collaboration with regulators and key government agencies to
strengthen the ecosystem.
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Strengthen fund recovery efforts through enhanced cooperation among banks, SPF and other relevant
stakeholders.
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An equitable apportionment of losses among key stakeholders.
The SCF will pursue its objectives according to the following five pillars:
a. Customer education
b. Authentication
c. Fraud surveillance
d. Customer handling and recovery
e. Equitable loss sharing
INDUSTRY ANTI-SCAM INITIATIVES
Banks, together with MAS, continuously review and implement industry measures to bolster
the security of digital banking. Details may be found in the links below