Monetary Auth of Singapore Allow customer to register a 6 digit verification PIN
I signed and submitted a form (through the internet) to withdraw the first installment of my SRS.

My relationship manager called me to verify the form. She asked 4 questions. Some of them were troublesome, such as how many credit cards do I have.

It was tiresome. They have been adopting this method for decades. Other banks also follow this method.

I suggested to my bank to allow the customer to register a 6 digit verification PIN. (This is different from the PIN used for ATM withdrawals).

The bank staff, who needs to verify the customer, can access this verification PIN from the computer. If the customer can quote this PIN, the verification is passed.

Recently, Shopee adopted this 6 digit PIN for the customer to self collect their parcel from a delivery point.

I hope that our banks in Singapore adopt this simple and practical method, and forget about their 4 questions verification. (I suspect that this is mandated by MAS and is not questioned by the banks).

Tan Kin Lian

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