Association of Banks in Singapore
The Association of Banks in Singapore (ABS) is a non-profit organisation that represents the interests of the commercial and investment banking community. (Source: LinkedIn)
Singapore to ban NRIC banking authentication amidst identity fraud risks
Singapore to ban NRIC banking authentication amidst identity fraud risks
Banks must stop using NRIC numbers for verification by January 2027 under MAS, PDPC rules.
Banks see sharp drop in cheque use ahead of phaseout
More people are using e-payment solutions such as PayNow and FAST.
MAS, banks move to address PayNow surcharge amid fee concerns
Singapore’s central bank says banks must ensure transparency as it reviews surcharges on PayNow.
Singapore banks introduce safeguard for large digital withdrawals
Accounts losing over 50% of balance may enter a 24-hour cool-off period.
Singapore marks completion of transition to SORA
Over 87,000 retail loans were transitioned to the new benchmark rate.
NRIC numbers alone cannot initiate payments, fund transfers: ABS
ABS advised customers to change their login passwords if they are using their NRIC number.
MAS to launch electronic deferred payment solutions in mid-2025
It will help support the transition to e-payments.
ABS, Singapore anti-ML group unveil new practice paper to enhance audits
Banks in Singapore are expected to review their audit practices against the paper.
MAS, ABS hold exercise to bolster finance sector's operational resilience
Participants simulated various scenarios like cyberattacks to test their response capabilities.
Singaporean banks roll out face verification for digital token setup
It is expected to make it harder for scammers to take over a customer’s DT.
Singapore banks are phasing out OTPs for logins
Banks will instead use digital tokens to authenticate bank account login attempts.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access ‘locked’ money with a physical card or by visiting a branch.
Singapore now has S$3.2b in funds ‘locked’ to prevent scams: ABS
Around 38,000 accounts now make use of local banks’ money lock feature.
ABS unveils industry guidelines for sustainable private banking
The industry group sustainability taskforce has also developed a training benchmark.
MAS unveils new measures against digital banking scams
Default transaction limit for online fund transfers must be set to S$5,000 or lower.
6 in 10 Singaporeans have high trust in banks
Only 5% have low trust in the banking industry.
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