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Singapore adds more measures to combat digital banking scams

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have introduced more measures to further safeguard customers from digital banking scams effective October 31. Under the additional measures, banks are expected to provide an emergency self-service “kill switch” for customers to suspend their accounts quickly if they suspect their bank accounts have been compromised. They should also facilitate rapid account freezing and fund recovery operations by co-locating bank staff at the SPF Anti-Scam Centre. Ho Hern Shin, deputy managing director (financial supervision) at MAS, believes the latest set of additional measures will strengthen customers’ ability to protect themselves against digital banking scams. ABS chairman Wee Ee Cheong also said that combating scams, whether digital or otherwise, requires the effort and cooperation of everyone – banks, ecosystem players, and also customers.

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