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FAST bank transfers

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x9200
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Postby x9200 » Mon, 24 Mar 2014 10:41 am

But at least for ocbc and dbs I have the online accounts with you would need a token based or mobile phone based authorization at the moment you add any new payee so I don't see scenario like this happen regardless FAST or slow transfer. This would only work if this someone breaking into my account is already included to the payee list.
Moreover, the TT already included to many on-line banking services is also faster than the slow SG-SG interbank transfer - for example, it takes half a day only to send money via US to one of the EU countries with double currency exchange in the process.

Beeroclock
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Postby Beeroclock » Mon, 24 Mar 2014 10:46 am

Girl_Next_Door wrote:Without disclosing the bank, I am aware of a certain local bank who has several customers whose accounts (not credit card) have been compromised. Most bank transfer takes 1 day (sometimes up to 2 days) for it to be completed. In addition, many banks have the options to allow you to receive a SMS if there is any transaction occurring in your account. Assuming you are sleeping at night, someone make a bank transfer to another bank account, you would only realize it in the morning, when you see a SMS. If it is a FAST transaction, the person would have withdraw the money and disappear. Although only a limited number of banks are in the FAST program, do remember that many are international or ASEAN banks, which also allows transfer of funds to other bank accounts in the region. Not every country have strict customer due diligence process as Singapore.
I see your point how the transaction speed makes it difficult to stop, but I still see it as the bank's problem.... It is not your loss provided you didn't do anything to contribute to your account being compromised. I guess the banks must see an overall benefit in having this efficiency to offset the incremental cost of such security/fraud. IMO it's an overdue initiative (same day online bank transfers) for a world-leading financial centre as Singapore aspires to be.


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