The Monetary Authority of Singapore (MAS) has issued these Guidelines on the roles and responsibilities of banks and customers when it comes to Electronic Payments (E-Payments).
The Guidelines establish a common baseline protection that Financial Institutions will provide to individuals and sole proprietors from losses arising from unauthorised or erroneous e-payment transactions from their protected accounts.
What is a protected account?
In the Guidelines, protected accounts are:
Held by either individuals or sole proprietors (business owners), including those held jointly by multiple account holders, and can hold a balance of S$500 or more at any time or is a credit facility and is capable of being used for E-Payment transactions
What E-Payments do the Guidelines cover?
The Guidelines cover all payments initiated through electronic means, and funds received through electronic means. These include online payments and transfers.
How do the Guidelines protect me?
As an E-Payments user, the Guidelines set out your responsibilities to adopt good security practices. These include how you should protect your device, login credentials, access codes and protected accounts.
We send you transaction notifications so you’re alerted of unauthorised transactions. There are also multiple channels of reaching us if you need to report any unauthorised transactions.
We will investigate claims of unauthorised transactions, with the aim of achieving a fair and reasonable resolution.
You can read about the Guidelines listed down by MAS and FAQs by ABS below.
E-Payment Guidelines from MAS: www.mas.gov.sg/regulation/guidelines/guidelines-for-e-payments-user-protection
E-Payment Guidelines FAQ from ABS: www.abs.org.sg/consumer-banking/consumers/faq---e-payment-guidelines