Banks may hold, reject some transfers if more than half of an account’s balance is moved out

One new initiative is that banks will send in-app push notifications to customers who are digital token users when making calls to them. 

“This provides assurance to customers that bank calls that they receive are indeed from their banks,” said ABS.

“While the safeguards being introduced will step up protection of consumers, the fight against scams ultimately depends on a vigilant and discerning public.”

ABS director Ong-Ang Ai Boon said banks have been investing in and implementing various anti-scam measures.

“However, scams remain a scourge on society and the methods adopted by scammers continue to grow in sophistication,” she added.

“The measures announced today will help to protect phishing scam victims and stop fraudulent withdrawals before it is too late.

“This societal safeguard may result in some friction, and we seek customers’ patience and understanding.”

Ms Ho Hern Shin, deputy managing director (financial supervision) of MAS, said customers may face delays when conducting larger value transactions, but these safeguards will protect them from fraudulent transactions.