As a leading fintech innovator in Singapore, Moolahgo is committed to maintaining the highest standards of cybersecurity for our users. In line with this commitment, we have successfully implemented the key measures outlined in the Monetary Authority of Singapore (MAS) Shared Responsibility Framework (SRF) for our moolahPAY e-Wallet App.

What Is the MAS Shared Responsibility Framework?

The MAS developed the Shared Responsibility Framework (SRF) to address the growing complexity of cybersecurity challenges in an interconnected financial ecosystem. It emphasizes that cybersecurity is a collective responsibility between financial institutions, service providers, and end-users. By fostering shared accountability, the framework aims to minimize risks, strengthen incident response, and ensure secure, reliable financial services.

The SRF emphasizes the shared accountability of financial institutions, service providers, and account users in combating cyber threats and ensuring secure transactions. At Moolahgo, we have taken concrete steps to align with these requirements, reinforcing our dedication to protecting our users and their financial activities.

Moolahgo’s Key Measures Under the SRF

We are proud to implement the following measures, as prescribed by MAS, to enhance cybersecurity resilience:

1. Cooling-Off Period for High-Risk Activities
   To minimize risks, Moolahgo enforces a mandatory 12-hour cooling-off period under specific conditions. For example, when a digital security token is activated on a new device, or when there is a first-time login to a moolahPAY account on a new device, no high-risk activities (or what we refer to as ‘Sensitive Features’) can be performed during this period.

2. Real-Time Notifications
   Transparency is critical in securing our users’ trust. We provide real-time alerts for high-risk activities, such as activating a digital security token, logging from a new device or location, and executing sensitive features. This ensures our users are informed promptly of any account activity. These notifications are delivered via SMS and email, if users have pre-verified their email addresses.

3. Outgoing Transaction Alerts
   To safeguard against unauthorized transactions, Moolahgo has implemented real-time transaction alerts for in-scope outgoing payment activities. This measure helps our users detect and respond to suspicious activities immediately.  Transaction alerts are delivered via the moolahPAY app push notification and email, if users have registered and verified their email addresses.

4. Reporting Channels and Self-Service Features
   Moolahgo offers moolahPAY users a reporting channel to address potentially unauthorized transactions. In addition, users can access our AI Assistant, Shizu, to assist in activating the “kill switch” (at Moolahgo, we refer to this as the Stop Switch). Once activated, all access to the users’ accounts will be blocked and any pending transactions will be cancelled. As at the time of this writing, Moolahgo’s reporting channel includes Email (support@moolahgo.com) and WhatsApp messaging (+65 8898-0978) which is available Mon-Sun (9AM – 6PM) except public holidays.

A Message to Our Users

We understand that some of these enhanced security measures may introduce slight frictions to your financial transactions, such as mandatory cooling-off periods and additional verifications. These steps are necessary to protect your accounts and prevent unauthorized activities. We kindly ask for your patience and cooperation as we work together to create a safer financial environment for everyone. Your understanding plays a vital role in the success of these efforts.

Building a Safer Financial Ecosystem Together

By adopting these measures, Moolahgo demonstrates its commitment to creating a secure, reliable, and user-centric financial platform. However, cybersecurity is a shared responsibility. The SRF also highlights the critical role of end-users in maintaining account security. In certain situations, such as negligence in safeguarding access credentials, users may bear the losses arising from unauthorized transactions.

To help our customers understand their responsibilities and avoid potential liabilities, we strongly encourage everyone to read the E-Payments User Protection Guidelines. These guidelines detail your obligations as an account holder and provide practical advice to ensure your accounts remain secure.

At Moolahgo, we take pride in supporting Singapore’s vision for a secure and resilient financial ecosystem. Together, let’s continue to build a safer digital financial future.

 

Learn More:

1. What is a Cooling-Off Period?
2. What are the moolahPAY Sensitive Features?
3. Activating the Stop Switch via AI assistant, Shizu
4. MAS and IMDA Announce Implementation of Shared Responsibility Framework from 16 December 2024
5. Guidelines on MAS Shared Responsibility Framework
6. Consultation on Shared Responsibility Framework
7. E-Payments User Protection Guidelines