MAS, banks to strengthen GIRO safeguards: Alvin Tan

A review will consider setting monthly caps on the value and number of transactions.

The Monetary Authority of Singapore is working with the Association of Banks in Singapore and member banks to strengthen general interbank recurring order (GIRO) safeguards.

The review will consider enabling customers to set monthly limits on the value and number of transactions, Minister of State for National Development of Singapore, Alvin Tan, told parliament on 8 April.

It will also focus on enhancements to transaction monitoring and due diligence on building organisations.

Existing measures allow customers to set transaction limits, whilst banks conduct due diligence on billing organisations, Tan said.

“However, checks by banks may not always be able to prevent errors and potential misuse of GIRO,” he added.

Meanwhile, Tan advised consumers to review their GIRO arrangements and set appropriate transaction limits with their banks and financial institutions.

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