SINGAPORE: Banks are conducting a “thorough review” of their practices on the use of National Registration Identity Card (NRIC) numbers, the Association of Banks in Singapore (ABS) said on Thursday (Dec 19).
It also assured consumer banking customers that NRIC numbers alone cannot be used to effect payment and fund transfers.
“Banks apply multi-factor authentication at login for online financial services and there is an additional layer of control to authorise higher risk activities after login,” it said in a media release.
Higher-risk activities include high-value fund transfer, adding a new payee or raising fund transfer limits.
ABS’ announcement on Thursday follows recent public anger and anxiety in relation to the saga over unmasking NRIC numbers.
ABS said NRIC numbers serve important functions in various contexts to identify customers. For instance, they are useful for distinguishing individuals with identical names and facilitating efficient identification for customers seeking over-the-counter services.
“In urgent situations, such as responding to ongoing scams, some banks have opted to use NRIC numbers to quickly identify customers in need of immediate assistance to prevent fraudulent transactions,” said ABS, adding that banks are now reviewing their practices.
“We seek customers’ understanding that some existing practices may be changed as a result,” said the association.
“Where customers adopt their NRIC number or other personal identifiable information as their password for login, ABS advises bank customers to change them.”
Some examples of personal identifiable information are name, NRIC number and date of birth.
