Banks and credit card issuers will get an extra five months to adopt the e-payments user protection guidelines that were due to kick in on Jan 31. The effective start date is now June 30.
The guidelines, which were issued in September, aim to set standards in terms of the duties of financial institutions and users for secure e-payment transactions, including simplifying processes if a user sends money to the wrong recipient.
They also apportion liability between financial institutions and users for unauthorised transactions.
"The banks have requested MAS for more time to implement the guidelines, owing to the scale and complexity of system changes needed to implement the transaction notification standards for all products and customers as set out in the guidelines," the Monetary Authority of Singapore said yesterday.
It added that the guidelines will instigate a more comprehensive notification alert process and framework for unauthorised transactions.
In the meantime, the MAS encourages consumers to enable notification alerts for transactions such as debit/credit card payments, funds transfer and cash withdrawals if their bank can provide them. "Consumers should monitor these notification alerts closely, and report unauthorised transactions immediately for their banks to follow up. Consumers should also continue practising good cyber hygiene when using e-payments," it said.