The Monetary Authority of Singapore (MAS) is working with the Association of Banks in Singapore and member banks to strengthen safeguards for GIRO transactions.

Alvin Tan, Minister of State for Trade and Industry and Board Member of MAS, announced the review in response to Parliamentary Questions regarding the security of automated payments.

The review will evaluate several new measures, including options for customers to set monthly limits on both the total value and the frequency of deductions.

Additionally, the industry is exploring more robust transaction monitoring and stricter due diligence requirements for billing organisations.

MAS is also considering various suggestions submitted by Members of Parliament and the public.

Consumers should review their current GIRO arrangements and set appropriate transaction limits through their banks.

For those seeking alternative methods, MAS noted that non-GIRO options such as standing instructions remain available, allowing customers to set fixed recurring payment amounts.

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