Key Supervisory and Regulatory Initiatives

INSPECTIONS AND SUPERVISORY REVIEWS

Thematic Review of Card and Electronic Banking Fraud Control Systems
To gain a better understanding of electronic banking and security threat issues, MAS conducted a thematic review of card and electronic banking fraud control systems. This allowed us to assess the incidence of fraud and the risk profiles of Singapore’s major banks in 2004.

The thematic review confirmed that banks in Singapore had implemented a range of fraud detection controls, including the use of neural network technology, to provide early identification of suspicious transactions and fraud trends.

MAS shared the key findings from the review with the banking industry. We encouraged the banks to continue to strengthen their security controls and update customers on the security precautions to take when accessing online banking services.