Alvin Tan on strengthening GIRO safeguards
The Monetary Authority of Singapore (MAS) is working with the Association of Banks in Singapore and member banks to strengthen GIRO safeguards. The review will look at steps such as enabling customers to set monthly limits on the value and number of transactions, and enhancing transaction monitoring and due diligence on billing organisations. Announcing this in parliament on Wednesday (Apr 8), MAS Board Member Alvin Tan said existing checks by banks may not always be able to prevent errors and potential misuse of GIRO. While such cases have been uncommon so far, MAS agrees that safeguards should be strengthened, he said in reply to MPs' questions.
The Monetary Authority of Singapore (MAS) is working with the Association of Banks in Singapore and member banks to strengthen GIRO safeguards. The review will look at steps such as enabling customers to set monthly limits on the value and number of transactions, and enhancing transaction monitoring and due diligence on billing organisations. Announcing this in parliament on Wednesday (Apr 8), MAS Board Member Alvin Tan said existing checks by banks may not always be able to prevent errors and potential misuse of GIRO. While such cases have been uncommon so far, MAS agrees that safeguards should be strengthened, he said in reply to MPs' questions.
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