A new set of e-payment guidelines will kick in on June 30, making reckless e-payment users fully liable for unauthorised transactions if they cannot prove they have taken steps to protect themselves.
The rules - dubbed E-Payment User Protection Guidelines - may serve as a reference for the Payment Services Act, which may take effect by the end of the year. Fraud is a rising concern as more people now use e-wallets such as PayLah, NetsPay, GrabPay and Singtel Dash on their smartphones, and it is an area that the Monetary Authority of Singapore hopes to address adequately in the coming months.
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