Secure and Convenient Digital Banking: It’s Possible!

Resolving Security Issues with Singapore’s Online Banking

Singapore, a nation renowned for its financial advancements, has security issues with digital banking.

Customer satisfaction dipped by 1.7% between 2019 and 2020.
34% of customers lack trust in digital banks with personal data security.

Current Achievements:

The Grab-Singtel partnership and Sea received the first digital complete bank licenses from the Monetary Authority of Singapore (MAS) in December 2020. This was intended to enable smooth retail transactions free from the limitations of traditional banking, revolutionising the financial sector.

Security Issues and Solutions:

Phishing Scams: In the beginning of 2022, there were a lot of phishing scams that caused big financial losses.
Losses incurred by Victims: False allegations of credit and debit card suspension cost 18 victims of fraud S$120,000 in January 2022.
Enhanced Security requirements: Lower transaction limits and notifications for credential changes are just two of the additional compliance requirements that MAS and the Association of Banks in Singapore (ABS) established.

Our Suggested Resolution:

It’s difficult to provide two-way, on-demand communication across secure mobile connections. We suggest using SMS APIs as the most straightforward, affordable, and easy way to improve security.

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