So, what’s up in Singapore financial news this month?
First big news comes the reassurance from the Monetary Authority of Singapore (MAS) that security on Singapore-held credit and payment cards is “robust” by international standards, and that customers should have little to fear from criminal activity.
Reports in both the Straits Times and on Channel News Asia tell us that despite these reassurances, MAS tells account holders to take reasonable security precautions when using their cards. This includes credit, debit, pre-paid and ATM cards, MAS says.
The Monetary Authority of Singapore (MAS) has given the assurance that security measures for payment cards in Singapore remain robust by international standards.
While data theft and fraud involving payment cards is on the rise around the world, Singapore financial institutions- who are responsible for the safety of their customers’ accounts – are implementing procedures to protect accounts from theft.
MAS points out the migration from less secure magnetic strips to the more robust EMV chip, which means that card cloning has been made all the more difficult. Readily-available magnetic strip reader and manufacturing devices made card copying virtually a bedroom industry, which has now all been but wiped out.
Other safeguards include unique passwords for online transactions, and a two-stage identification process where an SMS message is sent to the cardholder’s phone whenever a transaction is attempted. Two-stage identification is now becoming standard practice in many corporations around the world, and some banks use it to ensure account security.
The assurances come after a high-profile case last month where a number of Singapore card holders fell victim to credit card fraud.
Finally, MAS also tell us that they’ve widened exemptions for their existing debt servicing rules to allow owner-occupiers to re-service their loans. While not actually related to credit or debit cards, it shows the seriousness that MAS takes lending on the island, and the helping hand it extends to people who find themselves in financial difficulty.
In all, it means Singapore remains one of the safest places in the world to live, spend and invest.