Credit Bureau of S'pore to launch SMS service for preventing ID fraud
The Credit Bureau of Singapore will be sending an SMS alert to consumers when a credit application is made in their name, to improve fraud detection and curtail identity theft.
The service, which will start by December, will also send out a notification when a payment is missed on their account.
Speaking at the CBS seminar to celebrate its 10th anniversary this morning, Minister of State for Trade and Industry Teo Ser Luck said that while such fraudulent activities is currently not a serious problem here, it might escalate as the retail credit market grows.
"I hope that Singapore'a credit bureaus could continue rolling out more value added and innovative products and services for consumers in the near future," he said.