Daily Cuts - No more 'nicknames' feature on PayNow

Making payments on PayNow is convenient and efficient. But there have been concerns when it comes to the 'nicknames' feature. There have been cases where names of legitimate companies have been used as PayNow nicknames. Scammers then use this to dupe victims into transferring money via PayNow to their own bank accounts instead. But come next year, PayNow will introduce a security feature to protect customers from being scammed. Choo Wan Sim is a representative of the Association of Banks Singapore. She’s also Head of Digital at UOB. She tells Arnold & Andrea how this new safety feature can help stop scams.