SINGAPORE: Banks are conducting a” thorough review” of their practices on the use of National Registration Identity Card ( NRIC ) numbers, the Association of Banks in Singapore ( ABS ) said on Thursday ( Dec 19 ).  ,
Customer banking customers were also cautioned by ABS that NRIC figures cannot be used to authorize payments and transfer funds.  ,
In a media release, it stated that “banks apply multi-factor verification at registration for online financial services and that there is an extra layer of command to authorize higher risk activities.”
Higher-risk activities include high-value fund transport, adding a fresh beneficiary or raising account transfer limits.
NRIC figures, according to ABS, perform crucial functions in different ways to identify customers. For example, they can help customers who want over-the-counter services distinguish between people with similar names and make their identification more quickly.  ,
Some banks have chosen to immediately apply NRIC numbers to immediately identify customers in need of quick assistance, according to ABS, adding that banks are then reviewing their practices in immediate situations, such as when responding to continuing scams.  ,
” We seek customers ‘ knowing that some existing procedures may get changed as a result”, said the relationship.  ,
ABS advises bank customers to change their passwords where customers use their NRIC range or other personally identifiable information as their registration credentials.
Label, NRIC number, and date of birth are some examples of personal recognisable information.