Payment system alert launched

The Monetary Authority announced the launch of the Faster Payment System (FPS) Suspicious Proxy ID Alert, which aims to enhance the alert mechanism to users of fraud risks.

Under this mechanism, users will be alerted of the high risk of fraud if the payee's FPS proxy ID, which includes the mobile phone number, email address and FPS Identifier (FPS ID), falls within the list of proxy IDs labelled as high risk on Police’s anti-fraud search engine Scameter.

Users will receive an alert message, reminding them to think twice before deciding whether to cancel the transaction or continue with the payment.

The authority said all FPS participants that provide real-time fund transfer services to personal users where FPS proxy IDs are used, including a total of 44 banks and stored value facility operators, have launched the initiative.

Users are reminded to use the most updated version of a mobile banking or e-wallet app containing the feature to receive the alert.