Society has to choose security over convenience when dealing with scams: MAS chief

Regulator is working to strengthen user authentication toolkit to defend against phishing

As a society, there is a need to choose more security over convenience especially when dealing with scams, said Chia Der Jiun, managing director of the Monetary Authority of Singapore (MAS).

This comes as measures to fight scams inevitably introduce more friction and delays to users. “While the industry will do its best to minimise the inconvenience and give time for customers to get used to the new measures, as a society we will have to make the choice for more security and less convenience,” he said at the release of MAS’ annual report on Tuesday (Jul 15).

Chia noted that MAS has been working with banks and payment service providers to implement stronger safeguards to disrupt scam transactions. For example, banks have phased out SMS one-time passwords for digital token user account logins and authentication of card transactions, while some major retail banks have implemented pre-transaction warnings for large value transfers made via digital banking.

MAS has also seen growing take-up of measures to safeguard deposits, such as money lock. As at May 31, 2025, at least 350,000 bank customers have signed up to use money lock and set aside close to S$28 billion of savings, Chia said.

Meanwhile, MAS has been looking to further strengthen the user authentication toolkit to defend against phishing. It has been working with banks to use hardware tokens that are compliant with the Fast Identity Online Alliance (Fido) for higher risk Internet banking payments and transfers. To approve a transaction, the token will need to be plugged into the device that an individual uses. This will make it difficult for scammers to remotely perform unauthorised transactions.

In the meantime, Chia explained the need to do better collectively as a society to combat all types of scams. “Vigilance by each of us as consumers remains an important first line of defence,” Chia said.

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