The Monetary Authority of Singapore (“MAS”) issued the E-Payments User Protection Guidelines (“Guidelines”) with the goal to establish a common baseline protection offered by responsible financial institutions (FIs) on a business-as-usual basis to individuals or sole proprietors from losses arising from isolated unauthorised transactions or erroneous transactions from the protected accounts of these account holders and covers the duties of account holders and account users
(A) Dos and Don’ts
| YOU SHOULD: | YOU SHOULD NOT: |
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When using a device (e.g. your mobile phone, laptop, computer) to access a protected account: (A) Update the device’s browser to the latest version available;
(B) Patch the device’s operating systems with regular security updates provided by the operating system provider;
(C) Install and maintain the latest anti-virus software on the device, where applicable; or
(D) Use strong passwords, such as a mixture of letters, numbers and symbols.
E. If you keep a record of any access code, you need to make reasonable efforts to secure the record, including: (a) keeping the record in a secure electronic or physical location accessible or known only to the account user; and (b) keeping the record in a place where the record is unlikely to be found by a third party.
F. Inform all account users of all of the above
G. Keep yourself updated with the following
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(A) Voluntarily disclose any access code (e.g. OTP, device passcode, password) to any third party;
(B) Disclose the access code in a recognisable way on any payment account, authentication device, or any container for the payment account; or
(C) Keep a record of any access code in a way that allows any third party to easily misuse the access code. |
Please ensure that you check the transaction details and recipient credentials carefully before proceeding to confirm any payment transaction.
You should report any unauthorised transaction to us as soon as possible after receipt of any transaction alert for any unauthorised transaction. Please refer to Sections (B) and (C) below for more information on transaction notifications and reporting of transactions.
(B) Relevant Links
Please note that the information stated above is not intended to be exhaustive, and as the Guidelines have an impact on your obligations, duties, and liability, we strongly urge you to visit the following links for more information:
- e-Payments User Protection Guidelines by the Monetary Authority of Singapore
- ICICI Bank’s Terms and conditions governing Internet Banking section A(applicable to individuals)
ICICI Bank Limited, Singapore Branch
The following are deposit accounts which are eligible for deposit insurance coverage under the Deposit Insurance And Policy Owners’ Protection Schemes Act 2011 Singapore (the "Act") as amended from time to time. Any Singapore dollar deposit in this list held by or for an individual or a charity, will be insured up to the limits specified in the Act.
Fixed Deposit
Current Account
Savings Account
Call Deposit Account
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For further information, please visit: www.sdic.org.sg
