E-Payments User Protection Guidelines
The Monetary Authority of Singapore (“MAS”) issued the E-Payments User Protection Guidelines (dated: 31-Jan-2019) with an aim to establish a common baseline protection offered by responsible financial institutions on a business-as-usual basis to individuals or sole proprietors from losses arising from isolated unauthorised transactions or erroneous transactions from the protected accounts of these account holders.
The user protection guidelines stated below also cover various other cyber security threats and their countermeasures to protect FlexM users from cyber attacks.
If you are an individual or sole proprietor holding a payment account, please take note of the following:
1. Cyber Security Guidelines
2. Transaction Alerts
Your mobile number and/or email ID used for activating your FlexM ewallet account is your registered Phone number/Email ID, to which all the outgoing transactional notifications will be sent by FlexM. Make sure your correct contact details are updated to your ewallet account, so you can receive updates on all outgoing transactions
You must also enable your devices for receiving such outgoing transactional notifications for your monitoring. If you notice any fraudulent transactions in your ewallet account that you haven’t authorized, notify us immediately.
3. Notifying un-authorized transactions
Any suspicious transaction or un-authorised transaction identified by you on the basis of transactional alert monitoring or by other means, must be notified immediately to FlexM by using any one of our reporting channels. Our customer service representatives will acknowledge receipt of your report by providing you with a reference number for the report recorded with us.
Any delay in notifying us would be considered as gross negligence from your side, unless there is a proper justification provided.
During our investigation, we may request from you, for more information regarding the un-authorised transaction(s) reported, which must be provided by you in a timely manner. Further, a police report may also be requested from you.
Any losses arising due to protected account-holder’s negligence, which includes non-adhering to the user protection guidelines will be the liability of the account holder.
5. Relevant Links
Please note that the information stated above is not intended to be exhaustive, and as the Guidelines have an impact on your obligations, duties, and liability, we strongly urge you to visit the MAS link for more information:
e-Payments User Protection Guidelines by the Monetary Authority of Singapore