In 2023, the Monetary Authority of Singapore introduced the Shared Responsibility Framework. Under this framework, financial institutions and telcos that were negligent will have to bear the responsibility of phishing scam losses ahead of victims. However, the framework requires all parties, including consumers, to be vigilant and to take precautions against scams. Customers have the responsibility to act with precaution such as by never giving away personal or banking credentials to anyone, never clicking on links in SMSes or emails which are claimed to be sent by a bank. Under the SRF, negligent consumers will still be expected to bear the majority of scam losses.