From nicknames to masked names: How to know if you’re paying the right person on PayNow from June 6

SINGAPORE – From June 6, PayNow users will no longer be able to use or see custom nicknames when sending or receiving money via the money-transfer platform.

The move has prompted mixed reactions from the public: Some welcome the added protection against impersonation scams, while others – particularly freelancers and home-based business owners who rely on recognisable aliases – say it may confuse their customers.

Here’s what you need to know about the upcoming change, why it is happening, and how it affects you.

If you belong to the 30 per cent of PayNow users who are currently using a nickname, your payers will no longer see your nickname in the transactions from June 6.

Instead, the name registered with your bank account will be partially displayed, with selected letters replaced with “X”.

If you belong to the other 70 per cent who use your full name, your payers will see your partially masked name from June 6.

In short, to combat scams, said the Association of Banks in Singapore (ABS). Scammers have been exploiting customisable nicknames to impersonate legitimate businesses, government agencies or even friends and family members to trick victims into transferring money.

Dropping the nickname feature removes one avenue scammers can use to deceive victims.

ABS said the logic for the display name has factored in industry best practices, consumer feedback, and is centrally applied to provide consistency.

The display format was also designed to strike a balance between offering privacy and giving users sufficient confidence that they are transferring money to the intended recipient.

ABS also explained that “X” was chosen to hide certain letters because it has a visual resemblance to a cross-out mark, which generally represents something concealed or missing.

No action is required. The change will be applied automatically to all retail PayNow users.