Consumer banking cannot use NRIC numbers alone to effect payment and fund transfers, according to the Association of Banks in Singapore (ABS).
This comes on the back of banks applying multi factor authentication at login for online financial services, which includes an additional layer of control to authorise higher risk activities after login.
That said, ABS adds that NRIC numbers serve important functions in various contexts to identify customers, due to its ability to distinguish individuals with identical names.
ABS says: “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.”
Currently, banks are conducting a thorough review of their practices on the use of NRIC numbers.
ABS advises bank customers who adopt their NRIC number or other personal identifiable information as their password for login. This includes names, NRIC numbers, and date of birth.
See also: Final Basel III reforms focus on CET 1 ratio denominator
