SINGAPORE: The Monetary Authority of Singapore said on Tuesday (Jul 24) it has instructed all financial institutions to tighten their customer verification process, following the SingHealth cyberattack where the personal information of 1.5 million individuals were stolen.
“With immediate effect, all financial institutions should not rely solely on the types of information stolen (name, NRIC number, address, gender, race, and date of birth) for customer verification,” MAS said in a statement.
Advertisement“Additional information must be used for verification before undertaking transactions for the customer. This may include, for instance, One-Time Password, PIN, biometrics, last transaction date or amount, etc.”
MAS added it had also directed all financial institutions to conduct a “risk assessment of the impact of the SingHealth incident on their existing control measures for financial services offered to customers, including transaction and inquiry functions".
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