THE FINANCIAL SECTOR:
KEY SUPERVISORY AND REGULATORY INITIATIVES
     
Content Page
Supervision
Regulation
Risk-based Regulatory Regime
Fine-Tuning Regulatory framework
Ensuring Sound Market Conduct
Innovative Systems for Efficient Payment
and Settlement
 
 
ENSURING SOUND MARKET CONDUCT
 
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Publishing Unlicenced Operators . Box 6 – Integrated Dispute Resolution Scheme
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Enhancing Management of Insurance Agents . Helping Consumers Better Understand “Critical Year”
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Consulting Industry on CIS . Box 7 – MoneySENSE – Singapore’s Financial Education Programme
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Health Insurance and Changing Demographics . Box 9 – Coping with E-Banking Risks
 
Box 9
COPING WITH E-BANKING RISKS
 
Cyber attacks have proliferated in recent years as more financial and banking systems are now running on the Internet to deliver online products and services. Financial systems that are inadequately prepared to combat the rising trend and sophistication of cyber attacks may become attractive targets for hackers, criminals and terrorists.

The predominant cyber threats are purportedly from digital worms, viruses, malicious software and malignant codes. Besides worms and viruses, internet scams such as phishing, web cloning, web cloaking, website redirection and email hyperlinks to fake websites have become quite prevalent. These growing e-security threats have compelled financial institutions to devote more effort and resources to combat cyber crime and digital menaces.

MAS issued two security advisories on internet kiosks and phishing scams to help financial institutions address these security risks. In collaboration with ABS, we encouraged banks to provide more customer education on how to conduct internet banking safely and to take adequate security precautions. Most banks warn their customers against revealing their passwords to anyone and advise them to always enter the domain name of their banks into their browsers when accessing internet banking. Consumers should not trust hyperlinks or redirections from any external source, especially emails or third party websites.