Singapore banks are reviewing their practices regarding the use of National Registration Identity Card (NRIC) numbers for security purposes.
Banks in Singapore are conducting a thorough review of their practices regarding the use of National Registration Identity Card ( NRIC ) numbers. The Association of Banks in Singapore (ABS) assured customers that NRIC numbers alone cannot be used for payment or fund transfers. Banks employ multi-factor authentication at login for online financial services and an additional layer of control for higher-risk activities like high-value fund transfers.
NRIC numbers are important for customer identification in various contexts, including distinguishing individuals with the same name and facilitating over-the-counter services. In urgent situations, some banks have used NRIC numbers to quickly identify customers needing help to prevent fraudulent transactions. ABS acknowledges that some existing practices may change as a result of this review and advises customers using their NRIC number or other personal identifiable information as passwords to change them
SINGAPORE BANKS NRIC SECURITY REVIEWS
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MAS: Singapore banks remain 'strong' and rise in corporate borrowing expected Singapore News -%
Read more »
Singapore Shifts Away from NRIC AuthenticationSingapore is moving to stronger authentication methods after a policy shift regarding NRIC numbers. While the transition will take time, experts warn of potential risks during the interim period.
Read more »
CNA Explains: What are the implications of Singapore unmasking NRIC numbers?CNA’s Fabian Koh looks at whether the NRIC still has any security significance in a digitised world, as well as some of the challenges that could come with unmasking them.
Read more »
Singapore Shifts Away From NRIC for AuthenticationSingapore is moving away from using NRIC numbers for user authentication, citing concerns about security and potential misuse. The shift will require organisations to implement stronger authentication methods, such as passwords, security tokens, or biometric data.
Read more »
Singapore to Stop Masking NRIC Numbers, Citing Security RisksFollowing the accidental disclosure of NRIC numbers on a business portal, Singaporean authorities are accelerating public education on proper NRIC use. The government announced it will no longer mask NRIC numbers, emphasizing their role as unique identifiers rather than authenticators. This move aims to protect individuals from vulnerabilities associated with using full NRIC numbers for authentication purposes.
Read more »
Singapore to Charge for Full NRIC Access on Bizfile PortalSingapore will resume providing basic information on individuals registered with the Accounting and Corporate Regulatory Authority (Acra) on its Bizfile portal starting December 23rd. However, users will need to pay $33 to access full NRIC numbers. This change follows public outcry over Acra's previous decision to make NRIC numbers freely searchable, which was subsequently reversed. Acra maintains that the People Search function, while restored, is necessary for business needs and that charging for full NRIC access balances corporate transparency with privacy concerns.
Read more »