Banks to roll out more anti-scam moves including self-service 'kill switch', default

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Banks to roll out more anti-scam moves including self-service 'kill switch', default

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02-06-2022, 11:50 PM

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Banks to roll out more anti-scam moves including self-service 'kill switch', default

An honorable member of the Coffee Shop Has Just Posted the Following:

SINGAPORE — Extra measures designed to combat digital banking scams were unveiled on Thursday (June 2), including a default limit of S$5,000 for online funds transfers and an emergency "kill switch" that customers can use to suspend their accounts quickly if they fear the accounts have been compromised.

In a joint press release, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) said that the safeguards...

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