Understand the security measures digital banks in Singapore use and what customers can do to protect their accounts.
Security is one of the biggest concerns for anyone considering a fully online bank. Fortunately, Singapore’s digital banks operate under strict MAS regulations and deploy a multi-layered security approach.
Common safeguards include two-factor authentication (2FA), biometric logins (face or fingerprint recognition), and transaction alerts sent instantly via push notifications. Many also monitor accounts with AI-driven fraud detection systems, which flag unusual spending patterns in real time.
But security is a shared responsibility. Users should:
- Keep their devices updated and free of malware.
- Avoid using public Wi-Fi for banking transactions.
- Use unique, complex passwords and change them periodically.
- Enable all available security features, including SMS/email alerts.
In the rare event of a breach, MAS regulations require banks to notify customers promptly and offer clear remediation steps. With robust technology and consumer vigilance, digital banking can be as safe—if not safer—than traditional branch-based banking.
The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions.