SINGAPORE: The Monetary Authority of Singapore (MAS) will work with banks and the Association of Banks in Singapore to review the GIRO system and improve its safeguards, said MAS board member Alvin Tan on Wednesday (Apr 8).
The review will consider measures including allowing customers to set monthly limits on the value and number of transactions, and enhancing transaction monitoring and due diligence on billing organisations.
Mr Tan, who is also Minister of State for National Development and Trade and Industry, was responding to parliamentary questions about safeguards for consumers who use GIRO arrangements to pay bills.
