Singapore Updates Retail Payee Name Display
The association has updated systems to show only selected letters of a retail payee's registered account name during transfers. This change aims to safeguard privacy and strengthen protection against scams.
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Sources · 7 independent
CNA938 Singapore
“The change aims to safeguard privacy while also strengthening protection against scams. The association said scammers exploited nicknames using names of established entities or trusted individuals to deceive victims.”
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