Debated in Parliament on 4 Feb 2026.
Mr Gabriel Lam asked the Prime Minister and Minister for Finance (a) whether MAS has assessed the risk to consumers when victims of fraudulent transactions are overseas or are unable to receive SMS alerts on a timely basis; and (b) whether regulatory guidelines can be provided on (i) how banks shall account for such cases and (ii) whether consumers shall bear losses arising from system delays of transaction alerts in circumstances beyond their control.
Major retail banks generally offer parallel notifications through at least two channels, with in-app and email notifications being the common default channels. Customers currently receiving notifications by SMS can check if they are also receiving notifications via in-app and email notifications. If not, we strongly encourage that customers opt to do so with their banks, so that they have more channels to be kept informed promptly, even when they are overseas.
When notified of a scam, banks will look into each case. MAS expects banks to treat customers fairly and they must consider if they have fulfilled their obligations. This would include looking into whether notifications were sent in a timely manner. Each incident involves unique circumstances that banks will have to evaluate carefully. If a scam victim is not satisfied with the bank's determination, he or she has the option of approaching the Financial Industry Disputes Resolution Centre for mediation and adjudication.
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