Singapore banks to impose 24-hour cooling-off period on suspicious transactions

Customers may experience delays in digital payments and transfers, including for legitimate transactions. -- PHOTO: ST FILE/Asia News Network

SINGAPORE (Bernama): Major retail banks in Singapore will implement enhanced fraud surveillance on digital transactions from Oct 15 for greater protection of customers from scams.

The Association of Banks in Singapore (ABS) said that under the new measure, if banks detect rapid withdrawals from an account in a potential scam, the transactions can be either put on hold over a 24-hour cooling-off period or be blocked altogether.