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Bolstering Security of Digital Banking in Singapore

Following the recent spate of SMS-phishing scams targeting bank customers, The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are introducing a set of additional measures to bolster the security of digital banking.

MAS expects all financial institutions to have in place robust measures to prevent and detect scams as well as effective incident handling and customer service in the event of a scam.  The growing threat of online phishing scams calls for immediate steps to strengthen controls, while longer-term preventive measures are being evaluated for implementation in the coming months.

MAS is deeply concerned about the recent spate of scams and the financial losses suffered by victims. The threat of scams will not go away, but we can reduce our vulnerabilities. This requires a multi-pronged response across the ecosystem. MAS, together with the Police, IMDA and other relevant government agencies, is working closely with the financial industry, the telco industry, consumer groups, and other stakeholders to strengthen our collective resilience against scam attacks. We will ensure that digital banking remains secure, efficient, and trusted.

– Ravi Menon, Managing Director, MAS

Banks in Singapore, in consultation with MAS, will work to put in place more stringent measures within the next two weeks, including:

  • Removal of clickable links in emails or SMSes sent to retail customers
  • The threshold for funds transfer transaction notifications to customers to be set by default at $100 or lower
  • Delay of at least 12 hours before activation of a new soft token on a mobile device
  • Notification to an existing mobile number or email registered with the bank whenever there is a request to change a customer’s mobile number or email address
  • Additional safeguards, such as a cooling-off period before implementation of requests for key account changes such as in a customer’s key contact details
  • Dedicated and well-resourced customer assistance teams to deal with feedback on potential fraud cases on a priority basis
  • More frequent scam education alerts.

Customer vigilance remains of paramount importance. Scammers are quick to adapt in targeting unsuspecting consumers. To avoid falling for online banking scams, customers must:

  • Never click on links provided in SMSes or emails;
  • Never divulge internet banking credentials or passwords to anyone;
  • Verify SMSes or emails received by calling the bank directly on the hotline listed on its official website;
  • Verify that you are at the bank’s official website before making any transactions or transact through the bank’s official mobile application; and
  • Closely monitor transaction notifications so that any unauthorised payments are reported as soon as possible to increase the chances of recovery.

Banks will continue to work closely with MAS, the Singapore Police Force, and the Infocomm Media Development Authority (IMDA) to deal with this scourge of scams. This includes working on more permanent solutions to combat SMS spoofing, including the adoption of the SMS Sender ID registry by all relevant stakeholders.  MAS is also intensifying its scrutiny of major financial institutions’ fraud surveillance mechanisms to ensure they are adequately equipped to deal with the growing threat of online scams.

As reported by OpenGov Asia, Singapore’s Infocomm Media Development Authority (IMDA), the Monetary Authority of Singapore (MAS) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), in collaboration with commercial partners have successfully concluded the world’s first cross-border digital trade financing pilot of its kind.

The pilot used IMDA’s TradeTrust framework to facilitate the transfer of electronic records between jurisdictions that have adopted the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR). This harmonises the legal recognition of digital documents such as electronic bills of lading (eBLs) across both jurisdictions and complements the larger global trade movement by the G7 economies on adopting electronic transferable records in international trade.

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