A recent survey by BioCatch indicates that Singaporean banking institutions report high overall readiness for tighter fraud controls mandated under the Monetary Authority of Singapore’s (MAS) Shared Responsibility Framework, which covers FAST and PayNow transactions. Among local respondents, 55% stated their organization was “mostly prepared,” 40% claimed to be “fully prepared,” and 5% reported being “partially prepared,” with no respondents indicating a complete lack of preparation.
The updated MAS framework mandates enhanced security protocols for payment service providers using FAST and PayNow networks. Key requirements include a mandatory 12-hour cooling-off period for new device activations and token registrations, real-time alerting systems for suspicious activity, and automated controls to block transfers from accounts undergoing rapid fund depletion.
Despite general confidence, a significant split emerged between departments regarding actual operational readiness. While 73% of compliance professionals felt their organizations were fully prepared to meet the new standards, only 14% of fraud specialists shared that view.
The findings are based on an anonymous BioCatch survey conducted between December 15, 2025, and January 6, 2026, encompassing 1,200 banking leaders across 12 international markets. The Singapore subset represented high-level decision-makers, with 34% holding vice president or executive-level roles (including 27% at the C-suite level) and 66% serving in directorial or management positions.
Click here for more on Banking
