Singapore Guidelines to Protect Users of Electronic Payments

Singapore Guidelines to Protect Users of Electronic Payments

by February 14, 2018
  • 7
  • 9
  •  
  •  
  •  
  • 6
  •  
  •  
  •  
  •  
  •  
    22
    Shares

The Monetary Authority of Singapore (MAS) today launched a public consultation on proposed guidelines to protect users of electronic payments (“e-payments”).

The proposed E-payments User Protection Guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of the financial institution and e-payment users.

Under the new Guidelines, individuals and micro-enterprises who hold e-payment accounts can expect financial institutions to provide timely notifications of all e-payment transactions.

Financial institutions will be expected to set clear resolution processes for unauthorised or erroneous payment transactions. The Guidelines also set out the responsibilities of e-payments users, including good security practices they should adopt to protect their passwords and e-payment accounts.

Jacqueline LohMAS Deputy Managing Director, Ms Jacqueline Loh said,

“MAS hopes that these guidelines will help to make e-payments simpler and more secure, and give individuals and micro-enterprises more confidence to adopt and integrate e-payments into their daily activities.”

The public consultation will run from 13 February to 16 March 2018. Copies of the public consultation paper and policy highlights document are available on the MAS website. MAS invites e-payment users, financial institutions, and businesses to give feedback on the proposed guidelines.

 

User Protection Guidelines

User Protection Guidelines Infographic

 

This article first appeared on mas.gov.sg, Featured image via Pixabay

Print Friendly, PDF & Email
  • 7
  • 9
  •  
  •  
  •  
  • 6
  •  
  •  
  •  
  •  
  •  
    22
    Shares

1 Comment so far

Jump into a conversation

Your data will be safe!Your e-mail address will not be published. Also other data will not be shared with third person.