MAS issues recommendations following heightened outbreak alert

Cyber criminals have been using the disease outbreak to conduct scams and attacks, says regulator

MAS issues recommendations following heightened outbreak alert

Insurance News

By Gabriel Olano

Following the Singapore government’s raising of the Disease Outbreak Response System Condition (DORSCON) alert level from yellow to orange, the Monetary Authority of Singapore (MAS) issued an advisory for financial institutions to adopt additional measures and precautions.

This is the MAS’s third such advisory since the outbreak in January 2020. In the latest, the regulator called on financial institutions to heed any recommendations by the Ministry of Health (MOH) and the Ministry of Manpower, while ensuring the following when carrying out their business continuity plans:

  • Continue to maintain effective internal controls across their operations should split team arrangements be implemented;
  • Anticipate and be prepared to manage any increase in demand for certain financial services, such as cash withdrawal or online financial services;
  • Inform customers promptly of the availability of services and operating hours; and
  • Monitor and support staff morale.

The MAS also warned financial institutions to remain alert on the cyber front, as cybercriminals have been taking advantage of the coronavirus outbreak to conduct various scams and attacks.

The advisory said that there have been scammers impersonating MOH contact tracing officials and requesting financial information from individuals. According to MAS, the MOH does not ask for financial information during contact tracing calls, and the public is advised to verify the authenticity of such phone calls with the MOH hotline in case they have doubts.

“MAS is closely monitoring the 2019-nCoV situation and remains engaged with financial institutions to ensure that appropriate business continuity plans are in place,” it added.

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