Singaporean banks are conducting a radical assessment of their practices concerning the gathering and use of Nationwide Registration Identification Card (NRIC) numbers.
This follows the federal government’s up to date knowledge safety tips and the deliberate phasing out of masked NRIC numbers.
This effort goals to make sure alignment with the brand new coverage intent and safeguard private knowledge.
This assessment comes after Members of Parliament raised considerations about potential knowledge misuse and identification theft dangers in mild of rising cybersecurity threats.
MPs additionally questioned how the transition away from masked NRIC numbers can be managed and the way this might be timed with the federal government’s discontinuation of masked NRIC numbers.
In addition they requested whether or not banks can be required to undertake stronger authentication measures past counting on NRIC numbers, cellphone numbers, or full names.
The Ministry of Digital Improvement and Info introduced that the Private Knowledge Safety Fee (PDPC) would replace its advisory tips on NRIC use following public and trade consultations.
The Affiliation of Banks in Singapore (ABS) has assured prospects that NRIC numbers alone can’t be used to make fee and fund transfers.
Each ABS and the Financial Authority of Singapore (MAS) are working to align banking practices with the revised tips when they’re issued.
In response to parliamentary questions, Deputy Prime Minister Gan Kim Yong, who additionally chairs the MAS, highlighted the significance of those efforts.
To deal with identification theft dangers, MAS is collaborating with monetary establishments to implement enhanced safeguards and discover stronger authentication measures.
Moreover, monetary establishments will proceed educating prospects about good cybersecurity practices.
