The SRF was introduced by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) to enhance protection against scams. The SRF took effect on 16th December 2024. It sets clear guidelines on how responsibility for scam losses is shared between Financial Institutions (FIs), Telecommunication Companies (Telcos), and consumers if they fail to follow the rules under the SRF.
It is important to understand the duties of Hugosave Account Holders and Hugosave to know your rights and responsibilities under this framework. A summary of these duties is provided below.
Your Responsibilities as a Hugosave Account Holder:
- Provide Hugosave with your correct mobile number so we can send SMS alerts about transactions, logins on new devices, and high-risk activities.
- Keep your Hugosave account password safe and never share it with anyone.
- Follow Hugosave's security tips and instructions to protect your account.
- Carefully read and check the messages and notifications from Hugosave before approving any transactions.
- Use official sources, like the MAS Financial Institutions Directory, Hugosave's mobile app, or Hugosave’s website, to find Hugosave's contact details.
- Report any unauthorised activity to Hugosave as soon as possible, or within 30 days of receiving a notification.
- Contact Hugosave immediately to block access to your account if needed.
- Provide Hugosave with any information we need for our investigation.
- File a police report as soon as possible if you think you have been scammed or defrauded.
Hugosave’s Responsibilities:
- Hugosave will not send you clickable links or QR codes via email or SMS unless you’re expecting a message from Hugosave.
- When you log in to a new device, Hugosave shall enforce a 12-hour cooling-off period during which high-risk activities cannot be done.
- Before you perform high-risk activities, Hugosave shall explain the risks and obtain a confirmation from you. High-risk activities include:
- Adding a new payee to your account.
- Changing your contact information (e.g., phone number, email, address).
- Increasing outgoing payment transaction limits.
- Disabling transaction alerts.
- Transferring more than SGD 1,000. - Hugosave will send you alerts for all incoming and outgoing transactions.
- To contact Hugosave, use help@hugosave.com or the In-App Support feature.
- Hugosave will provide payment details to confirm the recipient before processing a transaction and send you an in-app alert for each payment.
- Hugosave offers a reporting channel to immediately block mobile access to your account, available via the Hugosave App or by emailing help@hugosave.com.
- Hugosave will fairly review and resolve any claims about seemingly authorised transactions.
- If you wish to make a claim about a seemingly authorised transaction, Hugosave will require you to provide a police report and any necessary details.