In a parliamentary reply, Gan Kim Yong, deputy prime minister and chairman of the Monetary Authority of Singapore (MAS), outlined existing bank safeguards against fraudulent card payments, including those in foreign currency. Banks block payments flagged as potentially fraudulent and notify customers. They also assist customers with fraud appeals even when payments have already been processed. The safeguards include fraud surveillance that detects and blocks suspicious transactions in real time, alongside alerts and transaction notifications. Customers can lock their cards through a self-service kill switch on banking apps or through fraud hotlines to prevent further fraudulent activity. When approving card payments through banking apps, customers are shown key transaction details, including the merchant name and transaction amount.
MAS outlines existing bank safeguards against fraudulent card payments
In a parliamentary reply, Monetary Authority of Singapore Chairman Gan Kim Yong reviewed banks’ existing safeguards against fraudulent card payments, including those in foreign currency. Banks block suspicious payments and provide transaction details and tools for customers to lock their cards. Customers can also receive help with fraud appeals after payments have been processed.