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Most banks in Singapore are expected to implement new measures to strengthen the security of e-banking services within the next 2 weeks.
The Banks Association of Singapore said so.
Following the recent SMS scams, more drastic measures were announced yesterday.
The new regulatory measures also include the removal of clickable links in text messages or emails that banks send to customers.
The association said banks that were unable to implement the new measures within the given time frame would be given some leeway.
For some banks, it could be a large-scale change.
The Association therefore noted that the Monetary Board of Singapore would not penalize banks for failing to make changes within the deadline.