Cyber-security risks among concerns raised by Singapore MPs ...

SINGAPORE, Jan 5 -- With more cryptocurrency cyber hacks making headlines here recently, more can be done to strengthen the cyber security of payment institutions, such as introducing a rating system to help the public make more informed choices. This suggestion from Derrick Goh, Member of Parliament (MP) for Nee Soon Group Representation Constituency (GRC), was among those raised during a debate on the Payment Services (Amendment) Bill that was passed yesterday. Ten MPs rose to speak during the debate, raising concerns such as whether the new laws sufficiently protect consumers against cyber attacks, scams and fraud, especially for seniors who may not be as digitally savvy. Transport Minister Ong Ye Kung noted that payment services have evolved rapidly since the Payment Services Act was first passed last year. A board member at the Monetary Authority of Singapore (MAS), Ong said tha...