MAS to review GIRO safeguards; Alvin Tan says user-set limits and tighter checks possible
MAS will review GIRO safeguards with banks after billing errors, Alvin Tan said. Measures under study include user-set limits and stronger monitoring, following complaints over unauthorised deductions and concerns about system vulnerabilities.
- Alvin Tan said MAS will review GIRO safeguards with banks.
- User-set limits and stronger monitoring are being considered.
- Review follows billing errors and unauthorised deduction complaints.
SINGAPORE: The Monetary Authority of Singapore (MAS) will review safeguards within the GIRO payment system, Alvin Tan said in Parliament on 8 April 2026, responding to questions on consumer protection.
Tan, a MAS board member and Minister of State for National Development and Trade and Industry, said the authority will work with banks and the Association of Banks in Singapore on the review.
Tan said the review will consider allowing customers to set monthly limits on both the value and number of GIRO transactions.
He added that MAS is also studying enhancements to transaction monitoring systems and stricter due diligence checks on billing organisations.
These measures aim to reduce risks of incorrect charges and potential misuse.
Triggering incidents and complaints
Tan’s response follows incidents involving Little Professors Learning Centre, where some parents were charged incorrect amounts through GIRO for student care services.
Some parents were also charged twice within the same month.
The Consumers Association of Singapore previously reported receiving 10 complaints about unauthorised GIRO deductions between 1 January last year and 16 March this year.
Limitations of existing safeguards
Tan noted that customers can already set transaction limits on GIRO payments.
Banks also conduct due diligence checks to ensure billing organisations are properly registered and not linked to sanctioned or criminal activities.
However, Tan said these measures may not fully prevent errors or misuse.
“While such cases have been uncommon so far, we agree that the safeguards should be strengthened,” he said.
Tan said MAS will consider suggestions from Members of Parliament and the public, including practices used overseas.
He advised consumers to review their GIRO arrangements and set appropriate transaction limits.
In response to supplementary questions from Jalan Besar GRC MP Shawn Loh, Tan added that MAS will step up public awareness of existing protections while the review is ongoing.
The review will begin with measures that can be implemented more quickly, described by Tan as “lower-hanging fruit”.
More complex system changes will require time for development and testing before implementation.
