MAS, ABS Roll Out More Security Measures for Digital Banking

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) has introduced additional measures to further bolster digital banking security and safeguard customers from online scams.

The measures complement those that the MAS and ABS released to the public back in January 2022, according to a press release by MAS yesterday.

Banks are progressively implementing the additional measures, which shall be in full effect by Oct. 31. They are as follows:

• require additional customer confirmations to process significant changes to customer accounts and other high-risk transactions identified through fraud surveillance
• set the default transaction limit for online funds transfers to S$5,000 or lower
• provide an emergency self-service “kill switch” for customers to suspend their accounts quickly if they suspect their bank accounts have been compromised
• facilitate rapid account freezing and fund recovery operations by co-locating bank staff at the Singapore Police Force (SPF) Anti-Scam Centre
• enhance fraud surveillance systems to take into account a broader range of scam scenarios.

The MAS also advised bank customers to use mobile banking apps instead of web browsers to lessen the risk of navigating to fraudulent websites. Customers are likewise advised to stay vigilant and keep mind of online banking hygiene practices, which include keeping updated of scam advisories and alerts from the SPF, MAS, National Crime Prevention Council, and banks; referring to official sources for hotline numbers and website addresses of banks; turning on in-app notifications for banking apps; and never sharing online banking credentials to anyone.

"Combating scams, whether digital or otherwise, requires the effort and cooperation of everyone – banks, ecosystem players and also customers," ABS Chairman Wee Ee Cheong said. "Public awareness and staying vigilant are key. We are committed to work together with all stakeholders to uphold the trust and confidence of digital banking."