Following a high-profile hacking case in which the accounts of 21 customers of a local bank were hacked into and a reported S$62,000 stolen before the hacker fled the country, the Monetary Authority of Singapore (the "MAS") has recently updated and re-issued its Internet Banking Technology Risk Management Guidelines (the "revised guidelines") to increase the standards of risk management and security practices that banks must adopt.
The previous version of the guidelines before this recent update is the February 2001 version (the "previous guidelines"). The MAS issued its first policy statement on internet banking in July 2000.
The updated Internet Banking Technology Risk Management Guidelines (September 2002) are accessible from the MAS website at www.mas.gov.sg.
