MAS urged banks to quickly implement new measures to enhance the security of the retail payment infrastructure.
"Banks should implement the new measures as soon as they can, and ahead of the industry's timeline where possible," said Monetary Authority of Singapore Director, Specialist Risk Department, Wan Aik Chye, in response to the Association of Banks in Singapore.
"We expect the banks to have in place, robust fraud detection systems to track customer accounts for unusual spending patterns and suspicious transactions," he added.
He also said that banks should also consider adopting additional security enhancements such as transaction alerts for any movement of funds from a customer's account."
Early this month, 400 customers of DBS bank, were affected by unauthorised transactions through ATMs.
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