In recent years financial institutions have embraced newer and more innovative technologies to provide a growing range of online financial products and services to their customers. The escalating accessibility and convenience of electronic channels have rapidly reinforced the popularity of internet banking and e-payment systems. In addition to eGIRO, customers can now easily and quickly transfer money between accounts, invest their funds and make payments via internet banking. Online payment kiosks and mobile phones can also be used for banking or making payments.
However, many bank customers have only partially adopted online banking because of lingering concerns about the security and safety of electronic channels. To enhance customer, investor and public confidence in internet banking and e-payments, banks in Singapore have implemented two-factor authentication for all internet banking systems in accordance with MAS’ guidelines issued in November 2005. Banks also deploy multiple layers of security and defence-in-depth control techniques to provide safe and reliable online banking. MAS and the banking industry will continue to work together to strengthen the robustness, efficiency and resiliency of online banking and e-payment systems and infrastructures.