The Singapore government has reaffirmed its commitment to protecting citizens’ personal data, particularly in the banking sector. The Association of Banks in Singapore has assured consumers that NRIC numbers alone cannot be used to authorize payments or fund transfers. This aims to bolster public confidence and align banking practices with the latest regulatory standards.
These initiatives promote awareness of best practices, such as using strong and unique passwords, enabling multi-factor authentication, and being vigilant about phishing attempts and other scams. The government is also updating regulatory guidelines and enhancing authentication protocols to create a secure environment for banking customers. The goal is to enhance public trust in financial systems and ensure the resilience of Singapore’s data protection measures.
