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E-payments give more options to consumers

We thank Ms Chan Mei Mei for her feedback on the importance of not forgetting “less tech-savvy” consumers when promoting electronic payments (“In push to be Smart Nation, don’t forget the less tech-savvy”; Sept 13).

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Bey Mui Leng, Director (Corporate Communications), Monetary Authority of Singapore

We thank Ms Chan Mei Mei for her feedback on the importance of not forgetting “less tech-savvy” consumers when promoting electronic payments (“In push to be Smart Nation, don’t forget the less tech-savvy”; Sept 13).

Electronic payments are meant to provide consumers with more options and greater convenience.

Many of these options, such as credit, debit and stored value cards, do not require smartphones or data plans.

Consumers can, of course, continue making purchases with cash if they so wish.

Ms Chan also pointed out rightly that banks should have robust security controls and measures to ensure that their online financial services are safe against cyber threats.

The Monetary Authority of Singapore (MAS) takes cybersecurity seriously. The law requires banks to safeguard customers’ information from unauthorised access and to ensure that their critical systems are resilient.

The MAS will hold banks liable for any losses to customers arising from a system breach.

The MAS conducts active supervision to assess the banks’ compliance with MAS guidelines on IT system security, reliability, resilience and recoverability.

Cybercrime prevention is everyone’s responsibility. Banks and their customers have roles to play in adopting good cyber-hygiene and being vigilant to cybercriminals and scammers.

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