| Is the security provided by Secure Sock Layer (SSL) safe enough for banking transactions to be carried out on the Internet?
Banks in Singapore generally adopt the Secure Sockets Layer 128-bit encryption standard, an international standard which is considered secure and adequate for encrypting data transmitted over the Internet. This standard is also widely used by other financial centres in the world. Our member banks will continue to track best practices in encryption standards internationally.
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How can consumers be certain that e-banking is safe and secure?
Security issues remain a paramount concern to banks in Singapore, whether the consumer uses traditional channels or the Internet. However, regardless of the technology or medium, both banks and customers have a responsibility to ensure that transactions are carried out in a safe and secure manner. Customers have to protect their data, such as the PIN number, log-in information or passwords. If they don't, then they are putting themselves at unnecessary risk.
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If the accounts of Internet consumers are compromised as a result of using e-banking, will they be compensated if money is withdrawn by hackers, for example. Will the consumer have a case against the bank if there is no negligence on the consumer's part?
Banks generally have clear policies, which are communicated to the customer before he opens an online account, on the responsibility of the bank and the customer, and how they will determine compensation. All loss situations will be thoroughly investigated and banks will act fairly and equitably depending on the circumstances behind the loss. As a principle, banks do compensate customers for losses arising from fraud and security breaches for which the customers are not at fault.
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