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Important Information on the “MAS E-Payments User Protection Guidelines” with effect from 30 June 2019


2019-06-28

Dear Customers,

The Monetary Authority of Singapore (“MAS”) has issued the “E-Payments User Protection Guidelines“ (“Guidelines”) with the aim of establishing a common baseline protection to individuals or sole proprietors from losses arising from isolated unauthorised or erroneous transactions from the protected accounts of these account holders.  Please visit the MAS website for more information on the “E-Payments User Protection Guidelines”.

With effect from 30 June 2019, the Guidelines will apply in general to a protected account, which is a payment account held in the name of individuals or sole proprietors that can have a balance of more than S$500 or credit facility (including credit cards, line of credit, charge cards and debit cards), and is capable of being used for electronic payment transactions. For the ease of reference, Bank of China Limited, Singapore Branch (“BOC”) refers to such individual and sole proprietor account holders as “Protected Account Holders”. Together with the Protected Account Holders, any other individuals authorised to initiate and/or execute payment transactions using a protected account are referred to collectively as “Protected Account Users”.

Please take note of the following guidelines if you are a Protected Account Holder / Protected Account User:

A.What are the Dos and Don’ts as an individual or sole proprietor

What You Should Do What You Should Not Do
1.If you are using a device such as mobile phone, laptop or computer to access a protected account, you should:
  a.Update your device's browser to the latest available version;
  b.Patch your device's operating systems with the latest security updates provided by the operating system providers;
  c.Use strong passwords including mixture of letters, symbols and numbers; and
  d.Install and maintain the latest anti-virus software on the device, where applicable.
2.Always verify the transaction details and check the recipient credentials cautiously before you proceed to confirm your payment transaction.
3.Report any unauthorised transaction to BOC as soon as you receive any transaction notification for any unauthorised transaction.
1.Do not disclose any information to third party voluntarily.
2.Do not disclose your security code in a recognisable way on any payment account, authentication device, or any container for the payment account.
3.Do not keep a record of any security code in a way that allows any third party to easily misuse the security code.

B.What do you need to know about transaction notifications via SMS / email

In respect of all notifiable transactions (of an amount equal to or greater than the alert threshold amount maintained with BOC) from a protected account, we will send transaction notifications to (if you are an individual) your mobile phone number or (if you are a sole proprietor) your email address registered with BOC with effect from 30 June 2019.

What Should You Do and Know

Transaction Type (Outgoing) Default Threshold Amount (SGD)
Fund Transfers - GIRO/FAST $1.00
Fund Transfers – MEPS/PayNow/3rd Party BOC Account $0.01
International Remittance $0.01
RMB Pre-Settlement Remittance $0.01
Online Bill Payments (*Subject to individual Billing Organisation’s minimum bill payment amount.) S0.01*
MasterCard Debit Card Transactions $0.01
UnionPay Debit Card Transactions $500.00
Credit Card Transactions $500.00
MoneyPlus Transactions $500.00
Cash Withdrawal - ATM $500.00
Cash Withdrawal - Others $500.00

If you choose a higher threshold for receiving transaction notifications, you will not receive transaction notifications for transactions which fall below that threshold and this may impact on your liability for losses arising from erroneous or unauthorised transactions. Please refer to section D on “What are your liabilities?” below for more information.

(Note: For sole proprietors using BOC corporate online banking, the transaction email notifications will be defaulted for all outgoing payment transactions regardless of the payment amount.)

If you wish to update your mobile phone number/email address registered with BOC or the transaction notification threshold, you may do so via:

  • Any BOC branch for individuals and for sole proprietorships
  • Call 1800 338 5335 or +(65)6338 5335 if you are calling outside of Singapore for Credit Card/MoneyPlus

C.How do you report Unauthorised or Erroneous Transactions

You will be responsible to report any unauthorised transactions to BOC as soon as possible after receipt of any transaction notification alert for transactions you have not authorised. If you are unable to do so, we may ask you to provide us with reasons for the delay in reporting.

For erroneous transactions, we will facilitate communication between you and the recipient in error with the objective of improving your chances of recovering the erroneous payment amount sent. We may take a longer time to investigate complex cases such as where a party is resident overseas or where we have not received sufficient information from you. We seek your understanding and assistance to provide us with all relevant information so that we can recover sums sent in error in a timely fashion.

What You Should Do What You Should Not Do
1.Report any unauthorised transactions to BOC as soon as possible after receipt of any transaction notification alert for transactions you have not authorised. If you are unable to do so, we may ask you to provide us with reasons for the delay in reporting.
2.You can make a report to BOC by
  a.visiting any of our branches, or
  b.calling our Customer Service at 1800-6695566 for individuals and sole proprietors, or
  c.calling our Credit Cards and MoneyPlus hotline at 1800 338 5335, or
  d.submitting your report via email to us at enquiry.sg@bankofchina.com
3.You will receive a written acknowledgement of your unauthorised or erroneous transaction report through email.
4.You will need to provide us with all relevant information as requested by us in a timely fashion such as the date and time of the loss or misuse of any authentication device or security code.
5.Make a police report if we request such a report to be made to facilitate our investigation process.
Do not misappropriate or use any funds transferred to you erroneously. Erroneous transactions may be reversed. If there are insufficient funds for the reversal, you may be held liable for the shortfall.

D.What are your liabilities? (This section does not apply in respect of any credit card, charge card or debit card issued by us.)

The Guidelines prescribe certain guidance on the apportionment of liability for Protected Account Users:

Scenario Your Liability as a Protected Account User
(On a Per Transaction Basis)
Where the primary cause of the actual loss is the Protected Account User’s recklessness

Recklessness includes the situation where any Protected Account User deliberately does not comply with the Protected Account User duties (including the responsibilities as set out in the preceding sections).
Liable

Capped at the applicable transaction limit / daily payment limit that the Protected Account Holder has agreed to
Where the loss:
(a)  arises from any of our actions or omissions; and
(b)  does not arise from any failure by any Protected Account User to comply with the Protected Account User duties.
Not liable
Where the loss:
(a)  arises from any action or omission by any independent third party; and
(b)  does not arise from any failure of any Protected Account User to comply with the Protected Account User duties
Not liable (for loss S$1,000 and below)
Liable (for loss above S$1,000)

Please note that if you have not opted to receive all transaction notifications for all outgoing transactions (of any amount) made from the protected account or set a threshold other than “Above $0” or opted not to receive any transaction notifications, you will not receive any transaction notifications for transactions below the threshold or at all and may not be aware of such transactions being made.

If the transactions are unauthorised or erroneous transactions, this may affect your attempt to recover the funds. You may also be regarded as not having complied with your duty to opt to receive all transaction notifications for all outgoing transactions (of any amount) made from the protected account and this may in turn affect your liability for losses arising from unauthorised transactions.

Where any Protected Account User knew of and consented to a transaction, such a transaction is not an unauthorised transaction, notwithstanding that the Protected Account Holder may not have consented to the transaction. This includes situation where any Protected Account User acts fraudulently to defraud any Protected Account Holder or BOC.

Where the protected account is a joint account, the liability for losses set out in the Guidelines apply jointly to each Protected Account Holder in the joint account.

If you do not agree with our assessment of liability, or where we have assessed that the claim falls outside the scope of the Guidelines, you may proceed to commence other forms of dispute resolution, including mediation at Financial Industry Disputes Resolution Centre (FIDReC).

Protected Account User duties include the duties of the Protected Account Holder and the Protected Account User as set out in Sections (A), (B), (C) and (D) above. Please refer to the section “Duties of account holders and account users” in the e-Payments User Protection Guidelines for more information.

Appendix: Other Relevant Links and Documents

Please note that the information stated above is not intended to be exhaustive, and as the Guidelines have an impact on your obligations, duties, and liability, we strongly urge you to visit our website for more information:

In the event of any discrepancy or inconsistency between the English version and the Chinese version of the above information, the English version shall prevail.

Bank of China Limited Singapore Branch
28 June 2019

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