Singapore banks are undergoing a thorough review of their practices regarding the collection and use of National Registration Identity Card (NRIC) numbers.
This follows the government’s latest data protection guidelines and the phasing out of masked NRIC numbers.
This effort is intended to ensure consistency with the intent of the new policy and to protect personal data.
The review comes after lawmakers raised concerns about the risk of potential data misuse and identity theft, given growing cybersecurity threats.
Lawmakers also questioned how the transition away from masked NRIC numbers would be managed and how it would be timed with the government’s retirement of masked NRIC numbers.
It also asked whether banks should adopt stronger authentication methods beyond relying on NRIC numbers, phone numbers and full names.
The Department of Digital Development and Information has announced that the Personal Data Protection Commission (PDPC) will update its advisory guidelines on the use of NRICs following public and industry consultation.
of Association of Banks of Singapore (ABS) assures customers that NRIC numbers alone cannot be used for payments or fund transfers.
ABS and Monetary Authority of Singapore (MAS) is working to align its banking practices with revised guidelines as they are published.
Deputy Prime Minister Gan Kim Yong, who is also MAS chairman, emphasized the importance of these efforts in response to parliamentary questions.
To address the risk of identity theft, MAS is working with financial institutions to implement enhanced safety measures and consider stronger authentication measures.
Additionally, financial institutions will continue to educate their customers on good cybersecurity practices.
