Deputy Prime Minister and Minister of Trade and Industry Gan Kim Yong said: Monetary Authority of Singapore (MAS) Ongoing efforts to combat cross-border payment fraud.
Key among these measures are setting a default transaction notification threshold at no more than S$100 and a daily transaction limit at no more than S$1,000.
Mr Gunn expressed concerns in Parliament about the risks associated with instant cross-border remittances, particularly to vulnerable groups such as the elderly.
He noted that MAS has established real-time payments linkages with India, Malaysia and Thailand for low-value payments.
These connections will enable tourists and workers to make instant, low-cost payments to merchants, and send money back to their families in Singapore and the region.
Financial institutions involved in these collaborations have strong fraud prevention measures in place to prevent fraudsters from exploiting these channels.
They continually monitor fraud trends and adjust their countermeasures as needed.
Gunn concluded:
“We urge users to remain vigilant and practice good hygiene practices when banking online.
These include not disclosing account credentials, actively reviewing transaction notifications, and verifying that transactions were made to the intended recipient.”
For more information on cross-border payments, watch Fintech News Singapore’s latest webinar, “Decoding Southeast Asia’s Cross-Border Revolution,” here.
