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In a move to further protect customers against scams, banks in Singapore are implementing enhanced fraud surveillance on all digital transactions from Oct 15.A 24-hour cooling period or immediate rejection will be triggered when a transaction, together with wBanks up scam surveillance: 24-hour cooling period, rejected transactions when over half of account's balance is moved out
In a move to further protect customers against scams, banks in Singapore are implementing enhanced fraud surveillance on all digital transactions from Oct 15.A 24-hour cooling period or immediate rejection will be triggered when a transaction, together with withdrawals over the past 24 hours, results in more than half of a bank account’s balance to be transferred out.In a statement by the Association of Banks in Singapore (ABS) on Friday (Oct 3), seven major banks are participating in this initiative. They are: DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered.Current and savings accounts, including joint accounts, with balances of at least $50,000 will be protected by this new rules, which kick in when banks detect that they are being quickly emptied of its funds due to a potential scam.The safeguard will apply to all digital banking transactions completed through bank apps and internet banking. Non-digital banking transactions, which includes cash withdrawals at bank branches and ATMs, will not be affected. Read more
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