Monetary Authority of Singapore (MAS) New Shared Responsibility Framework: What It Means for Your Wallet

Published by Rik L | Finance

You’ve likely heard the phrase, "It takes a village."

Well, in Singapore, that same idea is now being applied to fighting scams.

On September 15, 2025, the government rolled out a powerful new strategy called the Shared Responsibility Framework (SRF), and it’s set to change the digital safety landscape for everyone.

But what exactly is it, and how will it impact you when you’re paying for your online shopping or making a big-ticket payment like a house down-payment?

Let’s break it down in simple terms.

What is the Shared Responsibility Framework (SRF)?

Gone are the days when consumers have to bear the full brunt of scam losses alone.

The SRF, introduced by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA), is a new set of rules that distributes the responsibility for preventing scam losses among key players: the financial institutions, the telcos, and crucially, us the consumers.

The core idea is simple. It assigns duties to mitigate phishing scams and sets expectations of payouts to affected scam victims where these duties are breached.  

A Key Safeguard You Should Know About

A central part of this framework is a new automatic safety net for your bank account.

As of October 15, 2025, a specific safeguard will be activated:

• Digital transactions will be automatically rejected or placed on a 24-hour hold if they attempt to transfer out over 50% of an account balance of at least S$50,000 within a single 24-hour period.

Think of it as a "circuit breaker" for your life savings.

If a scammer gains access to your account and tries to drain it, this measure can stop them in their tracks.

The 24-hour cooling-off period provides a critical window for you and your bank to detect the fraudulent activity, freeze the transaction, and secure your funds.

It’s important to note that funds placed on hold can be released early if you confirm the transaction's legitimacy with your bank, adding flexibility for genuine, urgent payments.

How This Directly Impacts You as a Consumer

This is where the "shared" part becomes real for your daily life.

1. Planning for Large Payments:

   This new rule has a direct implication for anyone making significant one-time payments. A prime example is for home buyers.

   
   

   If you’re planning to pay your down payment, which can easily exceed the S$25,000 threshold (50% of S$50,000), your transaction could be flagged and delayed by 24 hours. This means you must plan your major financial moves in advance.

   
   

   Don't leave a large transfer to the last minute, as the cooling-off period could affect your deadlines.

   
   

2. Your Responsibilities are Clearer:

The SRF also clarifies what is expected of you. You won’t be held responsible if you’ve taken reasonable care, but you could be liable for a portion of the loss if you are found to have been grossly negligent.

This includes:

• Sharing your Singpass or banking credentials with someone else.

• Ignoring security warnings from your bank and authorizing a suspicious payment.

• Not keeping your devices secure with updated software.

The message is clear: while the banks and telcos are stepping up, you remain the first line of defense.

Key Takeaways

• It’s a Team Effort: The SRF formalizes the fight against scams as a shared mission between consumers, banks, and telcos.

• Major Transfers May Be Delayed: Be aware of the new "circuit breaker" rule. For large transactions (like property down payments), plan ahead and initiate the transfer well before your payment deadline.

• You Are Still the First Line of Defense: Continue to practice good cyber hygiene. Never share passwords, enable two-factor authentication, and always verify requests for money.

Ultimately, the Shared Responsibility Framework is a welcome and progressive step. It’s not about making things harder but about building a safer digital world where everyone plays their part. By understanding these new rules, you can navigate your financial life with greater confidence and security.

This framework clarifies how banks and customers can work together to prevent and address phishing scams together.