calls for immediate steps to strengthen controls, while longer-term preventive measures are being evaluated for implementation in the coming months,” the Monetary Authority of Singapore and the Association of Banks in Singapore said on Wednesday .
Banks will also send a notification to the existing mobile number or email registered with the bank whenever there is a request to change these details. “These more stringent measures will lengthen the time taken for certain online banking transactions but will provide an additional layer of security to protect customers’ funds,” said MAS and ABS.
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