MAS urges financial institutions to bolster measures amidst nCov outbreak

Internal controls and demands for financial services should be managed.

The Monetary Authority of Singapore (MAS) has advised financial institutions to adopt additional measures amidst the coronavirus outbreak, according to a news release.

After the Disease Outbreak Response System Condition (DORSCON) Alert Level was raised from Yellow to Orange, MAS called on financial institutions to maintain internal controls should split team arrangements be implemented, manage any increase in demand for cash withdrawal or online financial services, inform customers promptly on the availability of services and working hours, and monitor staff morale.

Financial institutions must also remain vigilant against cyberattackers taking advantage of the outbreak to conduct email scams, phishing, and ransomware attacks.

The regulator has warned of individuals posing as Ministry of Health (MOH) officials who request for financial information during contact tracing calls. The public is advised to call the MOH hotline to verify such calls.