Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has reiterated the Monetary Authority of Singapore’s (MAS) ongoing efforts to combat cross-border payments scams.
Key among these measures are a default transaction notification threshold of S$100 or lower and a daily transaction limit of no more than S$1,000.
Gan addressed concerns in parliament about the risks associated with cross-border instant money transfers, particularly for vulnerable groups such as the elderly.
He noted that MAS has established real-time payment linkages with India, Malaysia, and Thailand for low-value payments.
These connections facilitate instant, low-cost payments for tourists and workers to merchants and for remittances to family members in Singapore and the region.
Financial institutions involved in these linkages have implemented robust anti-scam controls to prevent exploitation of these channels by scammers.
They continuously monitor scam trends and adjust their measures as needed.
Gan concluded,
“We urge users to remain vigilant and to adopt good hygiene practices when banking online.
These include not disclosing one’s account credentials, actively checking transaction notifications, and verifying that transactions are made to the intended recipient.”
For more insights into cross-border payments, watch Fintech News Singapore’s latest webinar, “Decoding Southeast Asia’s Cross-Border Revolution” here.
