Monetary Auth of Singapore Set a limit for immediate bank transfers
I read stories of hackers who were able to withdraw the full amount from the bank accounts of their victims. In some cases, the stolen money is several tens or hundreds thousand dollars and represent the entire saving of the victim.

I suggest that banks should be required by MAS to introduce this practice. 

a) Allow the customer to set a limit on the amount that is to be withdrawn immediately.
b) Withdrawals above this limit should be made after 4 hours. 

This will allow the bank to alert the customer about the withdrawal (above the limit) and give sufficient time for the customer to stop payment. 

For example, an alert can be sent by email or SMS to the customer. The customer can click on the link to stop payment. 

The delay of 4 hours is unlikely to cause any difficulty. Under normal circumstances, payment are made after a few days anyway. 

The default limit can be set at the higher of $1,000 or 10% of the balance in the bank account.

This is a simple suggestion. It can help bank customers from having their savings lost to hackers.

I hope that MAS will tell the banks to introduce this measure. 

Tan Kin Lian 

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