MAS asks financial institutions to adopt extra measures for DORSCON Orange

MAS also advises the public to beware of scammers.

Kayla Wong| February 09, 04:17 PM

The Monetary Authority of Singapore (MAS) has advised financial institutions in Singapore to adopt additional measures and precautions, following the raising of the Disease Outbreak Response System Condition (DORSCON) level to Orange.

Anticipate increase in demand for financial services

In an advisory released on Sunday, Feb. 9, MAS said financial institutions should anticipate and be prepared to manage any increase in demand for certain financial services, such as cash withdrawal or online financial services.

In addition, they should inform customers promptly of the availability of services and operating hours.

Remain vigilant on cyber security

The MAS also reminded financial institutions that they should continue to be vigilant when it comes to cyber security, citing cases of cyber threat actors taking advantage of the 2019 coronavirus (nCoV) situation to "conduct email scams, phishing and ransomeware attacks.

Beware of scammers

MAS added that it has been informed on scammers impersonating contact tracing officials from the Ministry of Health (MOH), and requesting for financial information from individuals.

MOH does not ask for financial information during contact tracing calls, MAS emphasised.

Also, MAS advises members of the public to verify the authenticity of the phone calls with the MOH hotline (6325 9220) if they have any doubts about the caller's identity.

Top image via muthey sim/Google Images