Don’t bank on it

Today I tried to transfer funds electronically to a friend who ordered and paid for some tickets on my behalf, and realised that there is now a new ruling for those who use internet banking in Singapore, which requires users to provide their mobile phone numbers (for SMS security alerts) at an ATM before the new payee is activated. Obviously that is a move to stem a somewhat recent spate of fraudulent transfers which received some publicity in the press.
However I find it quite inconvenient. The whole point of me doing my banking at home, after work, is for privacy and convenience. I just want to make a simple transfer and I’ll probably never use it again (unless she orders more things for me). From the look of things, it seems like I’ll be paying her back in cash instead when I next see her. I guess things are safer now – but at a price.


  1. aCiDz

    You just need to provide your mobile phone number at the ATM just once. Thereafter, whenever you wish to add a new payee, a SMS will be sent to you for authorisation of this addition.

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