Singapore launches new measures to bolster digital banking security

Banks are asked to remove links in emails and SMS sent to customers.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are introducing additional measures to bolster digital banking security.

This is in view of a spate of SMS-phishing scams targeting bank customers, according to MAS.

Over the next two weeks, banks in Singapore are asked to remove clickable links in emails and SMSs sent to retail customers; to set up a system of sending notifications to customers regarding funds transfer at a threshold of $100 or even lower, and to delay activation of the new soft token on a mobile device for at least 12 hours.

Other measures include notifying clients’ current contact details on any request to change their mobile number and their email registered; a cool-off period before changes to key contact details are implemented; and more frequent scam education alerts. 

“Together with the MAS and ecosystem players, the banking industry will continue to strengthen consumer protection measures,” said Wee Ee Chong, chairman of the ABS. “We also ask that the public stay vigilant given that scams continue to evolve and are executed quickly.”