NRIC numbers alone cannot be used to effect payment and fund transfers
Media Release
NRIC numbers alone cannot be used to effect
payment and fund transfers
Singapore, 19 December 2024 – The
Association of Banks in Singapore (ABS) assures consumer banking
customers that NRIC numbers alone cannot be used to effect payment and
fund transfers. Banks apply multi factor authentication at login for
online financial services and there is an additional layer of control
to authorise higher risk activities[1] after login.
NRIC
numbers serve important functions in various contexts to identify
customers. They are useful for distinguishing individuals with
identical names, facilitating efficient identification for customers
seeking over-the-counter services. In urgent situations, such as
responding to ongoing scams, some banks have opted to use NRIC
numbers to quickly identify customers in need of immediate assistance
to prevent fraudulent transactions.
Banks are conducting a
thorough review of their practices on the use of NRIC numbers. We
seek customers’ understanding that some existing practices may be
changed as a result.
Where customers adopt their NRIC number
or other personal identifiable information[2] as their password for
login, ABS advises bank customers to change them.
[1] These
higher risk activities include high value fund transfer, adding a new
payee or raising fund transfer limits.
[2] Some examples of
personal identifiable information are name, NRIC number, date of
birth.
Contact Details
-End-
Ong-Ang Ai Boon
(Mrs. ), Director, The Association of Banks in Singapore
Tel:
(65) 6224 4300
Email: banks@abs. org. sg
About the
Association of Banks in Singapore
The Association of Banks in
Singapore (ABS) plays an active role in promoting and representing
the interests of the banking community in Singapore. In doing so, ABS
works closely with the relevant government authorities and other
stakeholders towards the development of a sound financial system in
Singapore. Since its establishment in 1973, ABS has promoted common
understanding and trust among its members and projected a unifying
voice on banking issues. It has brought its members closer together
through various guidelines and banking practices as well as the
support of projects of mutual benefit to face the challenges of the
financial and banking communities in Singapore. Today, ABS has a
membership of over 150 local and foreign banks.
More
information on the ABS is available on the association’s website, www.
abs. org. sg.
1