this post was submitted on 25 Oct 2023
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Negligent banks, telcos may be held responsible for scam victims’ losses as part of proposed measures (www.channelnewsasia.com)
submitted 11 months ago by trewq@lemm.ee to c/singapore@lemmy.world
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Determination of responsibility will be based on a “waterfall approach” where financial institutions, followed by telcos, are expected to bear the full loss if they fail to discharge their respective duties.

If both the financial institution and telco have carried out their duties, the consumer will have to bear the full loss.

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