Singapore is globally ranked for banking safety, with strict regulations and strong customer protection mechanisms.
Banks in Singapore follow MAS regulations, ensuring consumer protection and fund security. Most banks are capital-adequate and fully licensed.
Common security features:
- Two-factor authentication
- Real-time transaction monitoring
- Insurance coverage on deposits (up to SGD 75,000 per depositor) In the event of fraud, most banks provide immediate freezes and investigation processes. Digital safety is also strong. Banks frequently update their apps and train users on phishing, scams, and password hygiene.