1. Is the security provided by Secure Sockets 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 continue to track best practices in encryption standards internationally.

  2. 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. As a customer, you have to protect your data, such as your PIN number, log-in information or passwords. If not, you are putting yourself at unnecessary risk.

  3. If my account is compromised as a result of using e-banking, will I be compensated if money is withdrawn by hackers, for example? Will I have a case against the bank if there is no negligence on my part?

    Banks have clear policies on the responsibility of the bank and the customer respectively, and how they will determine compensation. These policies are communicated to the customer before an e-banking account is opened. All loss situations will be thoroughly investigated and banks will act fairly and equitably. As a principle, banks compensate customers for losses arising from fraud and security breaches where the customers are not at fault.

  4. Banks are encouraging consumers to use Internet banking, or e-banking, to perform transactions but many transactions still cannot be done over the Internet -- including paying for most goods and services or paying an individual who does not want his account number to be known. Why should I use e-banking at this stage?

    E-banking was introduced to provide greater convenience to customers and to keep pace with lifestyle trends and changes in the banking environment. As with any other product offering, customers should consider factors such as features, pricing, risks, terms and conditions before deciding whether to use e-banking.