PayNow users will no longer be able to use nicknames in lieu of their actual names from June 6, as part of efforts to strengthen protection against impersonation scams, the Association of Banks in Singapore (ABS) announced on Wednesday (April 29).Following the change on June 6, the name of the retail payee displayed before a payment is made will no longer be a nickname chosen by the payee. Instead, only the name of the payee linked to the registered account will be displayed to the payer, but with selected letters shown to safeguard customer privacy. The association said in a media release that this approach balances between the use of real names as a safeguard against account impersonation, while being mindful of privacy considerations.«Previously, scammers could exploit the PayNow nickname feature by using the names of established entities or trusted individuals as their PayNow nicknames, enabling them to deceive victims into transferring money to fraudulent accounts,» ABS said. Read more