The Monetary Authority of Singapore (MAS) has issued a set of guidelines aimed at protecting individual/ sole proprietor users of electronic payments from fraud, errors and security threats, as part of Singapore's cashless push. The guidelines cover both users and financial institutions that provide these electronic services.
Users are expected to provide updated contact information, monitor transaction notifications to spot suspicious activities early, and practice good security measures, which include using strong password and not disclosing it to anyone and wherever possible, installing and maintaining the latest anti-virus software.
What are your duties as a user?
As a user you have to ensure the following:
What you are supposed to do?
To update the contact information for receiving transaction notifications on Primary/ all joint holders; please fill in the FORM and submit it to the nearest branch/ upload as an attachment through Mail option in Online Banking for necessary updation at our end.
In case of any E-Payment Dispute claim, use this Claim Form to raise the claim.
As a customer, what type of alerts will be sent?
Notifications will be sent by the bank for all i-Banking transactions including bill payments and ATM transactions.
When does this come to effect?
The effective start date is 30 June 2019. For more information about this guidelines, please refer to the following MAS guideline MAS e-Payment User Protection Guidelines.