Regulations for activities relating to E-money
What are some additional best practices for e-money transfers to protect users?
Non-legally binding best practices can be found in the MAS E-payment User Protection Guidelines. These practices include:
- "informing Users of their duties (...);
- providing outgoing transaction notifications to users by SMS or email at least once every 24 hours for each transaction or on a batched basis. However, Users can select their own notification preferences such as opting to only receive - - notifications for outgoing transactions above a certain amount or for certain types of outgoing transactions;
- providing onscreen opportunities for Users to confirm payment transactions before execution;
- providing Users with a reporting channel to report unauthorised or erroneous transactions, and acknowledging reports made by SMS or email;
- assessing and completing the investigation of any claim made by a User in relation to an unauthorised transaction within 21 or, in exceptional circumstances, 45 business days of a report; and
- crediting the User’s account with the total loss arising from any unauthorised transaction as soon as the responsible FI has completed its investigation and assessed that the User is not liable for any loss arising from the unauthorised transaction."