The Monetary Authority of Singapore calls on financial institutions to adopt the additional recommended measures by the Ministry of Health and the Ministry of Manpower.
Following the raising of the Disease Outbreak Response System Condition (DORSCON) Alert Level from yellow to orange, the Monetary Authority of Singapore (MAS) called on financial institutions to:
- Continue to maintain effective internal controls across their operations should split team arrangements be implemented;
- Anticipate and be prepared to manage any increase in demand for certain financial services, such as cash withdrawal or online financial services;
- Inform customers promptly of the availability of services and operating hours; and
- Monitor and support staff morale.
Cyber Threats and Scams Alert
The MAS has also reminded financial institutions that they should remain vigilant on the cybersecurity front as there have been cases of cyber threat actors taking advantage of the 2019 Novel Coronavirus (2019-nCoV) situation to conduct email scams, phishing and ransomware attacks.
The authority has been informed about scammers impersonating the Ministry of Health (MOH) contact tracing officials and requesting financial information from individuals. The MOH does not ask for financial information during contact tracing calls, and members of the public are advised to verify the authenticity of the phone calls.
