Banking Security & Safety Guide
Protect your money and personal information with our comprehensive security guide. Learn about deposit insurance, fraud prevention, and safe banking practices in Singapore.
SDIC Deposit Protection
Your Deposits Are Protected
The Singapore Deposit Insurance Corporation (SDIC) protects eligible deposits up to S$75,000 per depositor per bank. This means your money is safe even if a bank fails.
What's Covered by SDIC
- Savings Accounts: All balances up to S$75,000 per bank
- Current Accounts: Including checking and transactional accounts
- Fixed Deposits: Term deposits and certificates of deposit
- Foreign Currency Deposits: SGD equivalent up to the limit
What's NOT Covered
- Investment products (unit trusts, stocks, bonds)
- Insurance policies and annuities
- Structured deposits linked to investments
- Deposits held by other financial institutions
Pro Tip: Maximize Your Protection
Spread deposits across multiple banks to increase your total protected amount. Each bank provides separate S$75,000 coverage per depositor.
Online Banking Security
Essential Security Practices
DO These Things
- Use strong, unique passwords for each bank account
- Enable two-factor authentication (2FA) when available
- Log in only through official bank websites or apps
- Use secure networks (avoid public Wi-Fi for banking)
- Keep your devices updated with latest security patches
- Log out completely after each session
- Monitor account statements regularly
- Set up account alerts for transactions
NEVER Do These Things
- Share login credentials with anyone
- Click links in suspicious emails or SMS
- Access banking on public computers
- Save passwords in browsers on shared devices
- Bank on unsecured public Wi-Fi networks
- Leave devices unattended while logged in
- Ignore security warnings from your bank
- Use the same password for multiple accounts
Digital Token Security
Most Singapore banks use digital tokens for transaction authorization. Keep your token device:
- Secure: Never share your token or PIN with anyone
- Private: Don't let others see you entering your PIN
- Updated: Replace tokens when they expire or malfunction
- Reported: Immediately report lost or stolen tokens
Common Banking Scams in Singapore
Phishing Emails/SMS
Fake messages claiming to be from your bank asking for login details
Warning: Banks never ask for passwords or PINs via email or SMS
Protection: Always log in through official bank websites, not email links
Vishing (Voice Phishing)
Phone calls from scammers pretending to be bank staff
Warning: Banks don't call asking for internet banking passwords
Protection: Hang up and call your bank directly using official numbers
SIM Swap Fraud
Criminals take control of your phone number to bypass 2FA
Warning: If your phone suddenly loses signal, contact telco immediately
Protection: Use app-based 2FA instead of SMS when possible
ATM Skimming
Devices attached to ATMs that steal card and PIN information
Warning: Check ATMs for suspicious devices or loose parts
Protection: Cover your PIN entry and use ATMs in well-lit, monitored areas
Investment Scams
Fake investment opportunities promising guaranteed high returns
Warning: No legitimate investment guarantees high returns with no risk
Protection: Verify all investment products with MAS before investing
Mobile Banking Security
App Security Best Practices
- Download Official Apps: Only from Google Play Store or Apple App Store
- Enable App Lock: Use biometric authentication when available
- Keep Apps Updated: Install security updates promptly
- Use Device Lock: Always lock your phone with PIN/password/biometrics
- Avoid Jailbreaking/Rooting: This compromises device security
- Log Out When Done: Don't stay logged in permanently
Lost Phone Protocol
If Your Phone is Lost or Stolen:
- Immediately call your mobile service provider to suspend the line
- Contact your bank's hotline to report the incident
- Monitor bank accounts for unauthorized transactions
- Consider temporary suspension of mobile banking services
- Remote wipe your device if you have this capability enabled
Credit Card Security
Safe Usage Practices
- Monitor Statements: Review monthly statements carefully
- Set Spending Alerts: Enable SMS/email notifications for transactions
- Use Contactless Wisely: Be aware of transaction limits
- Secure Online Shopping: Only shop on secure websites (https://)
- Cover Your PIN: Always shield PIN entry from view
- Check Card Readers: Look for tampering before use
Fraud Protection Features
Bank-Provided Security
- Real-time fraud monitoring systems
- SMS alerts for suspicious transactions
- Temporary card blocking capabilities
- Zero liability for genuine fraud cases
- 3D Secure for online transactions
Additional Options
- Transaction limits and controls
- Geographic spending restrictions
- Category-based blocking (e.g., gambling)
- Card-free ATM withdrawals
- Virtual card numbers for online shopping
Identity Theft Prevention
Protecting Personal Information
- NRIC Security: Never share your full NRIC unless absolutely necessary
- Document Storage: Keep important documents in secure locations
- Social Media Privacy: Limit personal information shared online
- Mail Security: Shred bank statements and financial documents
- Password Hygiene: Use different passwords for different accounts
Signs of Identity Theft
- Unexplained transactions on bank statements
- Calls from debt collectors for unknown debts
- Credit cards or statements that don't arrive
- Denied credit for unknown reasons
- Unexpected credit reports or scores