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MOM's response to queries on Dr Tan See Leng's PQ reply on Malware Scams Involving CPF Monies

For the scam cases involving CPF monies, CPF monies were paid to verified bank accounts of the CPF members. The Police will spare no effort in tracking down those responsible for such malware incidents and will take tough action against them. There is no intent for CPF Board to consider the introduction of an insurance scheme to insure members against their losses arising from scams. 

Insurance schemes are also not part of the Shared Responsibility Framework (SRF) that the Government is developing with industry stakeholders. The SRF focuses on strengthening the roles and accountabilities of the key parties who can mitigate the risk of phishing scams and to preserve confidence in digital payments and banking in Singapore. This includes making clear the duties of such key parties – financial institutions and telecommunication companies (telcos) in particular, given the focus on phishing scams – and the responsibility of customers themselves to be vigilant against scams. The framework will also establish the appropriate mechanisms for sharing losses amongst these parties when scams occur and duties are breached. This is a distinct and separate approach from scam insurance, where a third party provides guarantee of compensation to an insured party, when he or she suffers scam losses.

The Government has been in discussions with financial institutions and telcos on the SRF, and will continue to study the scope of the framework, including the type of scams and roles of other entities in the digital payments ecosystem.