Singapore Banks Instructed to Tighten Verification Process After SingHealth Breach
The Monetary Authority of Singapore recently instructed banks in the city-state to tighten their customer verification processes after the SingHealth’s security breach which compromised the personal data of around 1.5 million Singaporeans.
The authority told financial institutions not to depend solely on the types of information that had been involved in the cyberattack to verify customers’ identity. These include full names, national identification number, address, gender, race, and date of birth.
MAS says the measures should mitigate risks that the compromised data could cause, such as impersonation of customers and unauthorised financial transactions.