Response to "In push to be Smart Nation, don’t forget the less tech-savvy" - TODAY Voices, 13 September 2016
We refer to the letter “In push to be Smart Nation, don’t forget the less tech-savvy” by Ms Chan Mei Mei (TODAY Voices, 13 September 2016).
We thank Ms Chan for her feedback on the importance of not forgetting the “less tech-savvy” consumers when promoting electronic payments.
Electronic payments are meant to provide consumers more options and greater convenience. Many of these options, such as credit, debit and stored value cards, do not require smartphones or data plans. Consumers can of course continue to make purchases with cash if they wish.
Ms Chan also rightly pointed out that banks should have robust security controls and measures to ensure that their online financial services are safe against cyber threats.
The Monetary Authority of Singapore (MAS) takes cybersecurity very seriously. Banks are required by law to safeguard customers’ information from unauthorised access and to ensure that their critical systems are resilient.
MAS will hold banks liable for any losses to customers arising from a breach of their systems. MAS conducts active supervision to assess the banks’ compliance with MAS’ guidelines on IT system security, reliability, resilience and recoverability.
Cybercrime prevention is everyone’s responsibility. Banks and their customers all have a role to play in adopting good cyber hygiene and being vigilant against cyber criminals and scammers.
Bey Mui Leng (Ms) Director (Corporate Communications) Monetary Authority of Singapore