Monetary Authority of Singapore works with banks to strengthen GIRO safeguards including monthly limits and enhanced monitoring

The Monetary Authority of Singapore (MAS) told Parliament it is reviewing safeguards for GIRO billing and is working with the Association of Banks in Singapore and member banks to strengthen protections against errors and potential misuse. The review will consider enabling customers to set monthly limits on both the value and number of GIRO deductions for individual arrangements, alongside stronger transaction monitoring and due diligence on billing organisations. MAS noted that existing safeguards include customer-set transaction limits and bank checks on GIRO billing organisations, including verifying they are properly registered businesses and not linked to sanctioned or other criminal activities. It acknowledged these checks may not always prevent errors or misuse, and advised consumers to review their GIRO arrangements and set appropriate limits with their banks; it also highlighted standing instructions for fixed recurring payments as a non-GIRO alternative. MAS indicated it will consider suggestions raised by Members of Parliament and members of the public as part of the review.