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Banks to have more anti-scam measures by Oct 31, including ‘kill switch’ to freeze accounts

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SINGAPORE – An emergency self-service “kill switch” that lets customers freeze their bank accounts if they suspect that their accounts have been compromised is among a slew of new measures that will be introduced to stop digital banking scams.

They will be implemented by Oct 31, said the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on Thursday (June 2).

The measures complement those announced on Jan 19, which include the removal of clickable links in e-mails or SMSes sent to retail customers and having a delay of at least 12 hours before activation of a new soft token on a mobile device.

Among the added measures is having the default transaction limit for online funds transfers to be set to $5,000 or lower a day.

Additional customer confirmations will be required to process significant changes to customer accounts and other high-risk transactions identified through fraud surveillance.

Fraud surveillance will…

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