MAS forms e-payment user protection guide

Financial institutions will be required to notify users of their e-payments.

The Monetary Authority of Singapore (MAS) launched a public consultation on proposed guidelines to protect users of electronic payments (e-payments).

According to a press release, the proposed guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions (FI) and e-payment users.

In the new guidelines, individuals and micro-enterprises should expect FIs to notify them of all their e-payment transactions. FIs will be expected to set clear resolution processes for unauthorised or erroneous payment transactions.

The Guidelines also set out the responsibilities of e-payments users, including good security practices they should adopt to protect their passwords and e-payment accounts.

The public consultation will run from 13 February to 16 March 2018.