Singapore’s banks are enhancing their defenses against scammers by implementing a range of new measures, including an emergency self-service kill switch that allows customers to suspend their accounts.
In January, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced initiatives aimed at combating an increase in SMS phishing scams targeting residents. Following further consultations with the police, additional measures are set to be implemented by the banks by the end of October.
These new measures include requiring extra customer confirmations for significant changes to accounts and high-risk transactions, a default online fund transfer limit of S$5000, the introduction of the kill switch, and the placement of bank staff at the police anti-scam centre. Additionally, banks are promoting the use of their mobile apps over web browsers among customers.
The January initiatives also involved the removal of clickable links in emails and text messages sent to retail customers.
The MAS emphasizes, “While the enhanced anti-scam measures implemented by banks may prolong the time required for customers to complete certain online banking transactions, this is essential for achieving a higher level of security and protection for their funds.”