19 June 2019

FAQs on Electronic Payments (“e-payments”) User Protection for Accounts of Sole Proprietorship Owned by an Individual

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Customer Service and Technical Support

  1. What are my duties as a customer to protect my accounts and in making or receiving e-payments?
    • You are responsible for opting to receive transaction notifications and provide a complete and accurate Singapore mobile phone number to HSBC in order to receive such notification.
    • You should not disclose to third parties in a recognisable way any password, code or other arrangement used to authenticate any payment transaction or customer (each an “Access Code”). You should avoid keeping a record of any Access Code in a way that allows any third party to easily misuse the Access Code. If you choose to keep a record of any Access Code, you should take all reasonable efforts to secure the record.
    • You should monitor all account transactions, which should include enabling transaction notification alerts on any device used to receive transaction notifications, and notify HSBC of any unauthorised, suspicious or erroneous transactions by contacting your Relationship Manager as soon as possible.
    • You should provide information as requested by HSBC on any unauthorised, suspicious or erroneous transactions, such as the account affected, your identification information, the name or identity of any account user, details on any loss or misuse of account or Access Code, how such Access Code was recorded, and such other transaction and recipient details, as HSBC may request.
    • You should make a police report if HSBC requests such a report to be made to facilitate its claims investigation process.
  2. What are HSBC’s duties to protect my account(s)?
    • HSBC has updated the General Terms and Conditions Governing Accounts in relation to accounts of sole proprietorship owned by an individual which will be effective 03 July 2019. You may also wish to refer to HSBC’s letter sent to you.
    • To opt for credit or balance notification via SMS, please complete the SMS alert service form in HSBC’s Download Centre: https://www.business.hsbc.com.sg/en-sg/sg/generic/download-centre. We will work on the transaction notification preferences you indicated on this form.
    • Your Relationship Manager will assist you with any report of authorised, suspicious or erroneous transactions. HSBC should complete an investigation of any relevant claim on unauthorised e-payments within 21 business days for straightforward cases and 45 business days for complex cases, and inform you of the investigation outcome and your liability, if any. HSBC will credit your account with the loss arising from any unauthorised e-payment as soon as HSBC has completed its investigation and assessed that you are not liable for any loss. Where you do not agree with our assessment of liability, you and HSBC may proceed to commence other forms of dispute resolution, including mediation at FIDReC.
  3. What are my liabilities as a customer for unauthorised e-payments?
    • You will not be liable for any loss if the loss arises from any action or omission by HSBC and not from your failure to protect the account.
    • You will be liable for any amount exceeding S$1,000 if the loss arises from any action or omission by any independent third party (excluding HSBC) even if it is not a result of your failure to protect the account.
    • You will be liable for any amount if your recklessness was the primary case of the loss.

You may also wish to refer to the “duties of account holder” and “liability and reporting of erroneous/unauthorised transactions” in the E-Payment Guidelines FAQs issued by ABS.

 

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