MAS (Monetary Authority of Singapore) – Scam Prevention

The Monetary Authority of Singapore (MAS) is Singapore's integrated financial regulator. In the context of scam prevention, MAS issues binding guidelines that require banks and payment service providers to implement specific safeguards. These include mandatory transaction-level controls such as the ability for customers to set withdrawal limits, mandatory delays on transactions to new payees, and kill switches that let a consumer freeze their own account in seconds if they suspect fraud.

MAS also works in close coordination with the Singapore Police Force (SPF) and partners such as the Infocomm Media Development Authority (IMDA) on cross-sector anti-scam efforts. It has established shared responsibility frameworks that set out when banks must compensate victims of scams, balancing consumer protection against moral hazard.

If a consumer loses money to a scam through a Singapore-regulated bank, they should first report to the bank, then file a police report via the Singapore Police Force's online system, and may separately raise a complaint with the MAS if they believe the bank did not follow required safeguards. MAS does not itself reimburse victims but can compel banks to review their processes and may sanction banks that fail to meet their obligations.