Singapore To Discontinue PayNow Nickname Feature
The Association of Banks in Singapore announced that the PayNow nickname feature will be discontinued on 6 June. The association stated that scammers have exploited nicknames by using the names of trusted individuals or established entities to deceive victims into transferring money to fraudulent accounts. The nickname feature has been available since 2017 to allow customers to avoid displaying registered names. Singaporean banks are updating PayNow nickname features to prevent scammers from exploiting the system. The nickname feature was originally introduced in 2017 to address privacy concerns for customers. Users are not required to take any action regarding this change. The update aims to provide real-time visibility into transaction details. The move aims to safeguard user privacy while strengthening defenses against scams.
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Sources · 7 independent
“Singapore will discontinue the Pay Now nickname feature on 6 June. The Association of Banks in Singapore says display names will be automatically updated to show selected letters of our retail payees registered account name during transfers.”
“The change aims to safeguard privacy. while strengthening protection against scams. The association said scammers exploited nicknames using names of established entities or trusted individuals to deceive victims”
“The Association of Banks in Singapore says display names will be automatically updated to show selected letters of a retail payee's registered account. The change aims to safeguard privacy while strengthening protection against scams.”
“scammers exploited nicknames using names of established entities or trusted individuals to to victims transferring money into fraudulent accounts.”
“Singapore will discontinue the Pay Now nickname feature on the 6th of June. The Association of Banks in Singapore says display names will be automatically updated to show selected letters of a retail payee's registered account name during the transfers.”
“The nickname feature has existed since 2017, addressing privacy concerns. fraudulent accounts.”
“Singapore will discontinue the PayNow Nickname feature on 6 June. The Association of Banks in Singapore says display names will be automatically updated to show selected letters of a retail pay-yee.”
“Singapore will discontinue the PayNow nickname feature on 6 June. The Association of Banks in Singapore says display names will be automatically updated to show selected letters of a retail payee's registered account name during transfers.”
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