The Monetary Authority of Singapore (MAS) has revised a new rule that requires financial institutions to send alerts to consumers for every e-payment transaction above $0.01.. Read more at straitstimes.com.
The Monetary Authority of Singapore has revised a new rule that requires financial institutions to send alerts to consumers for every e-payment transaction above $0.01.
Fraud is a rising concern as more people now use e-wallets such as PayLah, GrabPay, Singtel Dash and NetsPay on their smartphones. This new measure will replace an existing blanket rule that allows consumers who may be careless, but not reckless, in contributing to unauthorised transactions to be liable for only up to $100. Careless behaviour includes misplacing a mobile phone or accidentally giving away passwords, and the onus is on banks to prove that users are reckless.
Consumers must also have good cyber security habits such as installing the latest software updates on their mobile phones and computers used in e-payments. This includes not using a"jail-broken phone", in which a phone's firmware is altered without the manufacturer's approval.
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