The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) issued a media release on 19 January announcing their measures to improve the security of digital banking in the wake of recent phishing scams targeting banking customers.
Among them is the removal of clickable links in emails and SMSes that are sent to customers.
MAS said that they expect all financial institutions to have robust measures to prevent and detect scams, as well as effective incident handling in the event of a scam.
Here are the new measures:
Removal of clickable links in emails or SMSes sent to retail customers
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 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
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.
MAS and ABS to work together
Mr Wee Ee Cheong, Chairman of The Association of Banks in Singapore said:
“As an industry, we have always focused on the need to ensure robust security measures while meeting customers’ expectations for convenient and swift services.
Together with the MAS and ecosystem players, the banking industry will continue to strengthen consumer protection measures.
We also ask that the public stay vigilant given that scams continue to evolve and are executed quickly.
We remain committed to upholding the confidence with which customers can transact online safely, while still maintaining a high level of service.”
Mr Ravi Menon, Managing Director, MAS said:
“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.”