The Ministry of Home Affairs introduced the Protection from Scams Bill for First Reading in Parliament on 11 November 2024. The Bill empowers the Police to issue Restriction Orders (ROs) to banks to restrict an individual’s banking transactions, if there is reasonable belief that the individual will make money transfers to scammers.

On 24 October 2024, the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority of Singapore (IMDA) announced that the Shared Responsibility Framework (SRF) for phishing scams will be implemented on 16 December 2024 via a set of guidelines. Under the SRF, financial institutions (FIs) and telecommunication operators are assigned duties to mitigate phishing scams. The MAS and IMDA expect responsible entities to bear any scam losses arising from failure to fulfill any of the relevant duties under the “waterfall” approach.