Singaporean banks are conducting a thorough review of their practices regarding the collection and use of National Registration Identity Card (NRIC) numbers.
This follows the government’s updated data protection guidelines and the planned phasing out of masked NRIC numbers.
This effort aims to ensure alignment with the new policy intent and safeguard personal data.
This review comes after Members of Parliament raised concerns about potential data misuse and identity theft risks in light of growing cybersecurity threats.
MPs also questioned how the transition away from masked NRIC numbers would be managed and how this would be timed with the government’s discontinuation of masked NRIC numbers.
They also asked whether banks would be required to adopt stronger authentication measures beyond relying on NRIC numbers, phone numbers, or full names.
The Ministry of Digital Development and Information announced that the Personal Data Protection Commission (PDPC) would update its advisory guidelines on NRIC use following public and industry consultations.
The Association of Banks in Singapore (ABS) has assured customers that NRIC numbers alone cannot be used to make payment and fund transfers.
Both ABS and the Monetary Authority of Singapore (MAS) are working to align banking practices with the revised guidelines when they are issued.
In response to parliamentary questions, Deputy Prime Minister Gan Kim Yong, who also chairs the MAS, highlighted the importance of these efforts.
To address identity theft risks, MAS is collaborating with financial institutions to implement enhanced safeguards and explore stronger authentication measures.
Additionally, financial institutions will continue educating customers about good cybersecurity practices.
