Singapore's banks are now required to have a self-service kill switch as part of the government's efforts to prevent online scams.
(Photo : Photo credit should read ROSLAN RAHMAN/AFP via Getty Images)
A person walks in front of the signage for Bank of Singapore (BOS), a subsidiary of OCBC bank during lunch hour at the financial district in Singapore on February 9, 2012. AFP PHOTO/ROSLAN RAHMAN
Recently, OCBC (Oversea-Chinese Banking Corporation) Bank suffered from a massive cyberattack, resulting in more than $6 million (SG$8.5 million).
Because of this, the Singaporean government introduced new security measures for banks to avoid this kind of scenario.
Among the anti-online scam methods are the implementation of the self-service kill switch. Now, here's how bank account owners can benefit from this service.
Singapore Banks' Kill Switch Now Required
According to ZDNet's latest report, the self-service kill switch feature allows bank consumers to suspend their accounts if there's a suspected breach.
(Photo : Photo by ROSLAN RAHMAN/AFP via Getty Images)
This illustration photograph taken on January 9, 2020 shows banking and purchasing apps on a smartphone in Singapore. - Singapore is opening up its banking industry to digital lenders in a reform that could shake up the sector across Southeast Asia, with Chinese billionaire Jack Ma and ride-hailer Grab among those seeking licences.
Also Read: China Releases e-CNY as Central Bank Looks to Go Cashless
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced this new anti-online scam measure on Thursday, June 2.
Channel News Asia reported that OCBC Bank had already launched its own kill switch after the massive online scam in January.
MAS said that banks are required to roll out their own kill switch services starting on Oct. 31. If you want to see further details about the upcoming bank security feature, you can visit this link.
Other Online Bank Security Measures
Aside from the kill switch feature, MAS also announced other security measures that can further protect bank owners in the country. These include the following:
- Delay of at least 12 hours before activation of a new soft token on a mobile device.
- Removal of clickable links in emails or SMSes sent to retail customers.
- More frequent scam education alerts.
- Dedicated and well-resourced customer assistance teams to deal with feedback on potential fraud cases on a priority basis.
- Fund transfer threshold notification will be set by default at $100 or lower.
As of writing, online scams and other types of security breaches are still becoming rampant.
Recently, Verizon employees' personal data suffered from a cyberattack.
On the other hand, Apple urged the U.S. Senate to junk the sideloading app bill.
For more news updates about online bank scams and other security threats, always keep your tabs open here at TechTimes.
Related Article: Banks in Singapore Removes Clickable Links on Emails and Messages to Customers Due to Phishing Scams
This article is owned by TechTimes
Written by: Griffin Davis
