Singapore banks step up their game against internal fraud

Firms respond to MAS warnings about the dangers of remote working spurred by Covid

Monetary Authority of Singapore

Singapore’s banks are responding to prompts from their governing authority to beef up defences against internal fraud, since remote working – a necessity sparked by the pandemic – has increased the risk of staff misconduct.

The Monetary Authority of Singapore (MAS) warned in March of the increased risks created by remote working, including lack of physical oversight, circumventing controls, collusion with insiders or external parties and inappropriate communications with customers.

“It sets

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