MAS Managing Director Chia der Jiun said Singapore will need to prioritize security over convenience.

He noted in his release of the central bank’s annual report that stronger safeguards may introduce some friction to users, but are crucial to protecting the public from increasingly complex scam strategies.

MAS is working with banks and payment service providers to strengthen anti-SCAM measures as scams involving automatic transfers continue to account for the largest share of reported losses.

These include investment scams and imitation scams in which victims are misled as if they are dealing with legal officials or financial services.

Some changes have been introduced. In the past year, Banks have gradually phased out SMS one-time passwords (OTPs) For digital login and card transactions, the risk of account acquisition is reduced.

Some major retail banks have also implemented pre-transaction warnings for large transfers, giving customers the opportunity to stop before continuing.

MAS is working with the rest of the banks to take similar measures.

Safety features, e.g. Currency Lock Sees More Wide Adoption.

As of May 31, 2025, more than 350,000 customers have used the service to lock in nearly S$28 billion, more than triple the amount reported a year ago.

Even if the client’s banking access is compromised, the tool helps prevent unauthorized digital transmission.

Banks implemented fraud surveillance on June 16 in order to disrupt scam transactions in real time Shared responsibility framework.

This includes monitoring rapid fund outflows that may indicate suspicious activity.

Banks will also begin introducing cooling periods for high-risk actions, such as adding transfer restrictions or changing contact information, giving customers time to reevaluate and potentially stopping ongoing scams.

MAS also works with banks to strengthen user identity verification to enable high-risk online transactions.

One measure under development is a FIDO-compliant hardware token (or FHT) that must be physically inserted into the customer’s device to approve payments for higher risk Internet banking payments and transfers.

MAS is attracting users to better understand the adoption challenges ahead of the tool’s launch.

Chia said

“To combat the evolving types of scams, we need to be better a society to combat all types of scams. The vigilance of each of us as consumers remains an important first line of defense.

We should be skeptical, demand transfer of funds, take the time to verify their legitimacy, and report suspicious scams to our banks and authorities quickly. ”

Featured Images: Images by Singapore Fintech News Editor, based on images Ttononer By freepik