^Please note that the amendments to the Customer Terms as described in this announcement will apply to you on 30 June 2019, and not 31 January 2019 as stated below. Please refer to our announcement issued on 29 January 2019 for more information on the change in the effective date.

The Monetary Authority of Singapore has issued the E-Payments User Protection Guidelines (“Guidelines”) which are intended to address the roles and responsibilities of banks and our customers when banking digitally. We are changing the terms of our banking agreement in accordance with these Guidelines.

The Customer Terms, as revised, will apply to you on 31 January 2019^ when the Guidelines take effect.

We set out below a summary of the changes. As we think it is important that you understand your rights and obligations under the banking agreement, we urge you to read the updated Customer Terms in full here:

1. 1. Electronic Alerts

We have amended Clause 9.19 to clarify:

1. a how you may change the threshold amount for receiving electronic alerts; and
2. b that you are responsible for enabling electronic alerts on your electronic equipment and for monitoring the electronic alerts.

Pursuant to regulatory requirements, even where you already receive notices and communications via the Inbox Notifications service on transactions occurring on your protected account, we may send you electronic alerts via email or SMS. This is clarified in the new Clause 15D.4 of the Inbox Notifications Service Terms.

2. 2. Security Procedures

We have amended Clauses 9.13 and 19.11 to elaborate on the security procedures which you and/or your authorised person should comply with, including:

1. a  keeping the record of a security code in a secure electronic or physical location;
2. b  updating your electronic equipment’s browser to the latest version available; and
3. patching your electronic equipment’s operating systems with regular security updates.

3. 3. Erroneous Transactions

If you are aware that you have received funds that you are not entitled to, the new Clauses 5.16A to 5.16D require you to:

1. a promptly inform us and cooperate with us on our requests regarding any investigation and/or return of the funds to the payer; and
2. b provide to us relevant information on the erroneous transaction.

4. 4.  Reporting of Unauthorised Payment Transactions

The new Clauses 20.1A to 20.1E require that:

1. a you report any unauthorised payment transaction to us as soon as practicable after receiving the electronic alert for it;
2. b you and your authorised person provide us with information on the unauthorised payment transaction within a reasonable time period; and
3. c you make a police report on the unauthorised payment transaction, if we request so, to facilitate our claims investigation process, and that you give us a copy of the police report.

5. 5. Liability for Transactions

We have amended Clause 20.1 to make it clear that you are liable for any loss incurred if you act negligently.

The new Clauses 20.2A to 20.2F clarify your liability for payment transactions on a protected account (other than any protected account in respect of a credit card, debit card or charge card issued by us).

You are generally liable for the actual loss arising from unauthorised payment transactions if your recklessness and/or your authorised person’s recklessness was the primary cause of the loss. This includes where you and/or your authorised person(s) deliberately did not comply with the security procedures set out in our banking agreement.

From 31 January 2019^, the revised terms will be available at www.sc.com/sg/personal-banking-terms-conditions.html; any of our branches; or you may call our 24-hour Client Contact Centre at +65 6747 7000 to request a hard copy or if you have any questions regarding these changes.