MAS to fight internet banking fraud with stringent measures

The decision comes in light of the recent spate of SMS-phishing scams targeting bank customers. 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.

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

These measures being imposed by MAS are aimed at lengthening the time taken to process certain online banking transactions that may be possibly fraudulent but will provide an additional layer of security to protect customers’ funds in return.

At a time when cyberattacks are being more prevalent and more sophisticated, a good level of customer vigilance remains of paramount importance. And as quick as scammers are to target unsuspecting consumers with new techniques, banks must aim to be quicker.