The Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS) have clarified that PayNow nicknames are being removed to curb impersonation scams, not to expand compliance controls.
The joint response followed Daniel Rabetti’s commentary in The Straits Times on 28 May, which questioned what the change could signal for PayNow users.
According to ABS and MAS, impersonation scams in Singapore have doubled over the past year, with the misuse of PayNow nicknames contributing to many cases.
From 6 June 2026, PayNow will stop displaying nicknames for retail users. Payers will instead see selected letters of the recipient’s registered account name before confirming a transfer.
The change is meant to help users verify the recipient while keeping full account names private.
ABS and MAS rejected suggestions that the move would make financial flows more traceable, support broader enforcement measures or compromise privacy.
They noted that PayNow users are already identified by their financial institutions, while customer due diligence, transaction monitoring and suspicious transaction reporting processes remain unchanged.
The change only affects what payers see during a PayNow transaction.
PayNow Nickname Removal Balances Scam Prevention with Privacy
ABS and MAS added that the measure was announced on 29 April after consumer and industry surveys tested different options for partial name display.
About 30 percent of PayNow users currently use nicknames and will be affected.
For the remaining 70 percent who do not, the move is expected to improve privacy as full names may currently be displayed.
Safeguards are also in place to detect and prevent large-scale data harvesting through PayNow.
The removal of nicknames is part of wider anti-scam efforts, including transaction limits, cooling-off periods, fraud monitoring and consumer education.
ABS and MAS added that no single measure can address scam risks on its own and urged users to remain vigilant.
They also said they would continue engaging stakeholders as Singapore strengthens safeguards across its payments ecosystem.
Featured image: Edited by Fintech News Singapore, based on image by vector_corp via Magnific
