Singapore mandates ‘kill switch’ for banks as safeguard against online scams | ZDNet

Banks in Singapore will have to provide a “kill switch” as part of a new slew of security measures to safeguard against growing online scams. Consumers also are urged to access their accounts via mobile banking apps, instead of web browsers, to minimise risks.

The latest set of measures would complement those introduced in January this year, shortly after a spat of online scams involving OCBC Bank customers resulted in losses of more than SG$8.5 million ($6.32 million).

The new measures were unveiled Thursday and expected to come into effect by October 31 this year, according to the Monetary Authority of Singapore (MAS) and Association of Banks in Singapore (ABS).

 

Source: Singapore mandates ‘kill switch’ for banks as safeguard against online scams | ZDNet