MAS introduces more measures to fight digital banking scams, including ‘kill switch’ for all banks

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More anti-scam measures to prevent digital banking customers from falling prey, including a default limit of $5,000 for online fund transfers. An account can also be quickly suspended using an emergency “kill switch” if it’s suspected to be compromised. Additional customer confirmation will be required to process significant changes to their accounts. Another measure is placing bank staff at the Singapore Police Force Anti-Scam Centre to help with rapid account freezing and fund recovery. These will be rolled out progressively and take full effect by end-October.

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