Banks, insurers reviewing practices

Local banks and insurers are reviewing their use of NRIC numbers, and existing practices could change, they said in separate statements on Dec 19.

- Osmond Chia

Their statements came in the wake of security concerns over the disclosure of NRIC numbers in an updated version of Singapore's business registry portal, run by the Accounting and Corporate Regulatory Authority (Acra).

Addressing concerns of impersonators using NRICs to cheat banks, the Association of Banks in Singapore (ABS) said NRIC numbers alone cannot be used to make payment and fund transfers.

Customers who want to do so will have to pass multi-factor authentication challenges, in the form of one-time passwords or biometric authentication, to log in to their accounts.

Higher-risk activities like high-value fund transfers or adding new payees will have to be further authorised, said ABS.