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MAS and ABS introduce added measures to fortify security of digital banking

Felicia Tan
Felicia Tan1/19/2022 11:42 PM GMT+08  • 4 min read
MAS and ABS introduce added measures to fortify security of digital banking
The measures will include the efficient handling of an incident, as well as customer service should a scam occur.
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The Monetary Authority of Singapore and the Association of Banks in Singapore (ABS), on Jan 19, announced that they are introducing a set of added measures in a bid to bolster the security of digital banking.

The move comes due to the recent spate of SMS-phishing scams that have targeted bank customers.

To this end, the central bank stated that it expects all financial institutions to have robust measures to prevent and detect scams.

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