Bank will release more anti-fraud moves including self-service 'kill switch', default online transfer limit of S$5,000

Bank will release more anti-fraud moves including self-service 'kill switch', default online transfer limit of S$5,000

SOAL STS (SUMATIF TENGAH SEMESTER) PKN KELAS 4 KURIKULUM MERDEKA

Precise measures to be designed to combat digital banking fraud were announced on Thursday (June 2), these include a default limit of S$5,000 for online funds transfers and an emergency "kill switch" that customers can use to quickly suspend their accounts. if they are concerned over the account having been compromised.

Surat Pengumuman Pepanjangan Pendaftaran PPG Prajabatan 2022

At a joint press release, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) stated that the safeguards, which are designed to enhance digital banking security, will be activated on 31 October 2022.

The bank has gradually released these measures, which are meant to complement those announced in January this year, which include removing clickable links in emails and SMS sent by the bank.

In February, bank OCBC announced the introduction of a "kill switch" for its customers.

In addition to transaction limits and a “kill switch”, the latest measures include:

• What additional customer confirmation is required if you are going to process significant changes to customer accounts and other high-risk transactions identified through fraud surveillance.
• Provides fast account freezing and fund recovery operations by placing bank employees together at the Singapore Police Anti-Scam Center.
• Improve the surveillance system against fraud perpetrators to consider fraud scenarios with a wider range

At the start of this year, at least 469 customers were affected by the SMS phishing fraudulent crime targeting OCBC bank customers, with an estimated total loss of at least S$8.5 million. A very fantastic amount

Based on this incident prompted the authorities to do some considering ways to further reduce the number of risks posed by these phishing scams.

MAS and ABS stated that: “While the enhanced anti-fraud measures that banks can take may extend the time it takes customers to complete certain online banking transactions, this is necessary to achieve a higher level of security and provide greater protection for customers. the funds they have.”

They still argue that a draft framework that aims to achieve a “fair share of losses” between consumers and financial institutions is also being worked out. For this reason, a public consultation will be prepared as part of the guidelines for the protection of electronic payment users, which will soon be revised.

Such consultations, they said, would also cover the responsibilities of other interested or related parties.

In addition, MAS and ABS remind customers in particular that they have "a very important role in combating fraudulent acts" and that they should "continue to follow online banking hygiene practices" as fraud tactics develop.

This includes:

Stay aware of fraud leads and warnings issued by the police, National Crime Prevention Council, MAS, and banks

Refer to official sources of information, such as directories of MAS financial institutions and cards issued by banks, and for hotline numbers and website addresses for communicating with the bank

Never divulge your internet banking credentials or passwords or passwords to anyone

In order to minimize the risk of navigating to fraudulent websites, MAS and ABS say bank customers are also "strongly encouraged" to use a mobile banking app instead of a web browser.

In order to maintain investment in the banking industry's anti-fraud initiatives, the ABS Standing Committee on Fraud - which consists of 7 banks - will continue the work of the anti-fraud task force formed in 2020.

The 7 banks include: DBS, OCBC, United Overseas Bank, Citibank, MayBank, Standard Chartered Bank and HSBC Bank.

The committee will report directly to the ABS Board and encourage industry anti-fraud efforts in an effort to "strengthen public confidence in digital banking security systems", MAS and ABS said.

Under the committee, the ongoing industry anti-fraud work will be formalized into 5 main work streams which include:

1. Customer education
2. Authentication
3. Fraud surveillance
4. Customer handling and recovery
5. Fair loss sharing

The committee will also work with member banks to continuously review and improve anti-fraud measures for effectiveness and relevance as the fraud landscape evolves, added MAS and ABS.