The ABS Standing Committee on Fraud (SCF) aligns the banking sector perspective on whole-of-Singapore initiatives to address the rising occurrence of digital scams. The SCF, working with the Monetary Authority of Singapore and the Singapore Police Force, coordinates the industry’s continuous anti-scam efforts to implement robust practices that safeguard customers, so that they may continue to enjoy the benefits of digital banking with confidence in its security.

The SCF comprises senior representatives from the seven Domestic Systemically Important Banks, and will develop and drive industry strategies for the following:

  • Monitor and identify potential weaknesses and opportunities with a view to develop and implement measures to combat digital scams. 

  • Promote sharing of best practices among banks on ever-evolving scam typologies and digital security trends. 

  • Provide industry-level guidance on implementation and enhancement of digital security controls across member banks.

  • Heighten digital security awareness and good cyber hygiene among customers.

  • Foster inter-organisational and cross-sectorial collaboration with regulators and key government agencies to strengthen the ecosystem. 

  • Strengthen fund recovery efforts through enhanced cooperation among banks, SPF and other relevant stakeholders.

  • An equitable apportionment of losses among key stakeholders.

 The SCF will pursue its objectives according to the following five pillars: 

a. Customer education 
b. Authentication  
c. Fraud surveillance
d. Customer handling and recovery 
e. Equitable loss sharing 


Banks, together with MAS, continuously review and implement industry measures to bolster the security of digital banking. Details may be found in the links below

MAS-ABS Media Release on 19 January 2022
FAQs for implementing the measures announced on 19 January 2022
• MAS-ABS Media Release on 2 June 2022