Only three in ten financial institutions in Singapore reimburse more than half of scam-related losses to customers, according to a report by fraud prevention firm BioCatch. This 30% figure falls significantly short of the 44% global average. The survey of banking leaders revealed that 33% of organizations compensate between 1% and 25% of scam victims, while 27% reimburse between 26% and 50% of victims, and 26% refund between 51% and 75%.

Meanwhile, just 1% of respondents report reimbursing between 76% and 100% of losses, marking the second-lowest rate recorded among all surveyed countries. Additionally, 12% of financial organizations handle refunds on a case-by-case basis, representing the second-highest rate in the study.

The report attributes these low compensation figures largely to Singapore’s regulatory structure. Unlike certain international markets, Singapore lacks a dedicated mandatory reimbursement scheme for authorized push payment fraud. Instead, liability is assessed under the Shared Responsibility Framework, which distributes duties among banks, telecommunications companies, and consumers. Under this structure, if banks and telecom providers fulfill their specific regulatory obligations, the financial liability remains entirely with the customer.

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