SINGAPORE: Banks and insurers in Singapore are conducting a thorough review of their practices regarding the use of National Registration Identity Card (NRIC) numbers. This comes amid heightened public concern following an incident involving the unmasking of NRIC numbers on a government portal, which led to anxiety about identity theft and fraud.
The Association of Banks in Singapore (ABS) announced on Thursday (19 Dec), that NRIC numbers alone cannot be used to effect payments or fund transfers. It noted that banks use multi-factor authentication for online services and additional controls for high-risk activities such as high-value fund transfers, adding new payees, or raising transfer limits.
ABS acknowledged that NRIC numbers are important for identifying customers, particularly those with identical names, and for providing efficient over-the-counter services. However, it stressed that banks are reviewing their practices to enhance security and adapt to changing needs.
In situations requiring urgent assistance, such as ongoing scams, banks sometimes use NRIC numbers to quickly identify customers and prevent fraudulent transactions.
“We seek customers’ understanding that some existing practices may be changed as a result,” ABS said. It also advised customers against using NRIC numbers or other personal information, such as their name or date of birth, as login passwords.
Similarly, the General Insurance Association of Singapore (GIA) and the Life Insurance Association, Singapore (LIA), issued a joint statement on Thursday, assuring policyholders that NRIC numbers alone cannot be used to purchase, surrender, or alter policies, nor to submit claims or change payment details.
Insurers also employ multi-factor authentication and are reviewing their practices.
Incident involving unmasked NRIC numbers
https://www.theonlinecitizen.com/2024/12...-concerns/