The Association of Banks in Singapore is collaborating with The Monetary Authority of Singapore on implementing further measures to protect consumers against the present risks of digital banking fraud, stepping up its actions announced in January.
Banks across Singapore are increasing their support of customers by requiring multi-factor authentication in order to process significant changes to customers’ accounts and allow high-risk transactions. As part of more efforts to safeguard customers, Singapore Police Force has also been consulted in decisions to introduce new measures that banks must follow.
In addition, a cap on the maximum amount which can be transacted will be come into effect. Customers will also have more control and ownership over suspending their own accounts if they suspect it has been compromised. Across the banking sector, these new protective measures will force banks to do more in enhancing fraud surveillance systems to counteract the threat of a rising number of financial scams, which include phishing, authorised push payment fraud and social engineering tactics.
The Global Identity and Fraud Report conducted by Experian found that 1 in 4 customers in the Asia-Pacific have been victims of fraud, with China and India appearing to be especially concerned over being defrauded through social media sites or apps.
Customers have also been urged to stay vigilant of common scam techniques and comply with the recommendations to utilise bank apps more often and refer to trusted sources.
Consolidating the work of the Anti-Scam Taskforce, established in 2020, an ABS committee on Fraud will drive anti-fraud intervention efforts.
Wee Ee Cheong, Chairman, Association of Banks in Singapore, said, “As an industry, we are constantly reviewing and putting in place sensible and secure measures to safeguard our customers from scams while allowing them to bank with ease. Combating scams, whether digital or otherwise, requires the effort and cooperation of everyone – banks, ecosystem players and also customers. 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.”