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01 Nov 2020  (494 Views) 
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Monetary Auth of Singapore


Encryption of bank statements
I suspect that the Monetary Authority of Singapore has instructed financial institutions to encrypt their statements that are sent by email to customers.

I suggest that the choice should be given to the customer whether he or she wishes the statement to be encrypted. If so, let the customer provide the key.

The current practice is for the financial institution to encrypt all statements and to use a key that is difficult for the customer to decrypt the statement. Although the customer is allowed the change the encryption key, it can be quite troublesome to remember so many keys.

Some financial institutions specify the format of the encryption key. This makes it difficult for the customer to remember so many different keys.

Let the customer decide if the statement is important and should be encrypted. In most cases, the customer may opt to have the statement received without encryption.

After the financial institutions introduced their compulsory encryption, I stopped reading the statements. I opted for the paper statements.

Agree or not?

Tan Kin Lian

 


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