Debated in Parliament on 4 Feb 2026.
Mr Gabriel Lam asked the Prime Minister and Minister for Finance whether clearer regulatory guidance can be issued to protect consumers by setting out (i) how liability is determined when fraudulent transactions involve third-party payment platforms such as digital wallets and (ii) whether banks can disclaim responsibility by attributing losses from fraudulent transactions to such platform interfaces.
Existing regulatory guidelines, such as the E-Payments User Protection Guidelines, set out duties for financial institutions (FIs) that operate bank accounts or issue personal payment accounts containing e-money (e-wallets), which, in turn, govern the responsibility for losses arising from unauthorised transactions. Examples of such duties include imposing a 12-hour cooling off period after a digital token is activated on a device or after a login to an e-wallet account on a new device and sending real-time transaction notification alerts.
When fraudulent transactions occur involving several FIs, like a bank and e-wallet provider, customers should report promptly to the involved FIs. The Monetary Authority of Singapore expects each FI to investigate the matter and consider whether its individual obligations were fulfilled and whether customers acted responsibly in the context of their individual account relationships with the FI. An FI may not disclaim responsibility solely by citing the involvement of another FI, and should consider the specific circumstances of each case.
Should customers disagree with the outcome of the FI's investigation, they may approach the Financial Industry Disputes Resolution Centre (FIDReC) for mediation and adjudication. FIDReC is an independent and impartial institution that provides a low-cost dispute resolution service for FIs and their customers. FIDReC will independently consider all available information and whether each party has fulfilled their responsibilities in determining recourse for customers.
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