{"id":4572,"date":"2022-01-20T06:47:46","date_gmt":"2022-01-20T06:47:46","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/20\/new-requirements-for-digital-banking-in-singapore-the-register\/"},"modified":"2022-01-20T06:47:46","modified_gmt":"2022-01-20T06:47:46","slug":"new-requirements-for-digital-banking-in-singapore-the-register","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/20\/new-requirements-for-digital-banking-in-singapore-the-register\/","title":{"rendered":"New requirements for digital banking in Singapore \u2022 The Register"},"content":{"rendered":"

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A widespread phishing operation targeting Southeast Asia’s second-largest bank \u2013 Oversea-Chinese Banking Corporation (OCBC) \u2013 has prompted the Monetary Authority of Singapore (MAS) to introduce regulations for internet banking that include use of an SMS Sender ID registry.<\/p>\n

Singapore banks have two weeks to remove clickable links in text messages or e-mails sent to retail customers. Furthermore, activation of a soft token on a mobile device will require a 12-hour cooling off period, customers must be notified of any request to change their contact details, and fund transfer threshold will by default be set to SG$100 ($74) or lower.<\/p>\n

MAS has also offered a vague directive requiring banks to issue more scam education alerts, and to do so more often.<\/p>\n

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