Understanding the Evolving Cyber Threat Landscape

Digital banking continues to transform how we manage our finances, but it also presents new challenges. Cyber-criminals are becoming increasingly sophisticated in their approach, frequently targeting customers through phishing attempts via SMS and deceptive email communications that carefully mimic official bank correspondence.

Regulatory Updates Enhancing Customer Protection

Shared Responsibility Framework (SRF)

Effective 16 December 2024, the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) will implement the Shared Responsibility Framework (SRF). This comprehensive framework clearly defines the roles and responsibilities of consumers, financial institutions, and telecommunication companies, creating a more collaborative approach to digital security.

Enhanced E-Payments User Protection Guidelines (EUPG)

The updated EUPG represents a significant step forward in digital banking protection. These guidelines focus on strengthening anti-scam controls across the financial sector, promoting greater consumer vigilance, and increasing accountability among all stakeholders. By placing a stronger emphasis on proactive security measures, the guidelines aim to create a more robust defence against emerging cyber threats.

What This Means for You

We are committed to providing transparent security information, offering proactive fraud prevention measures, and empowering you with the latest security knowledge to protect your financial assets. From 16 December 2024, our account terms and conditions will also be updated to reflect these new guidelines.

Under the SRF, financial institutions should complete an investigation of any relevant claim within 21 business days for straightforward cases, or 45 business days for complex cases. Complex cases include instances where any party to the seemingly authorised transaction is overseas, uncontactable during the investigation period or where the financial institution has not received sufficient information to complete the claims investigation.

Stay Informed, Stay Protected

We strongly recommend that you remain vigilant and take an active role in protecting your financial information. This means regularly checking official bank communications, maintaining a healthy skepticism towards unsolicited messages, and always verifying the authenticity of any communication claiming to be from RHB Singapore. 

Together, we can create a safer digital banking environment.

If you have any security concerns or questions, please contact our 24-hour Customer Contact Centre for assistance.