Singapore Sees Progress in Fight Against Phishing with Stronger Bank Safeguards

Singapore’s combat in opposition to phishing scams noticed notable progress in 2023, with a reported 16% lower in circumstances and a 14% discount in monetary losses in comparison with the earlier yr.

This enchancment is attributed to the concerted efforts of the Financial Authority of Singapore (MAS) and the banking trade to implement sturdy anti-scam measures.

These initiatives embrace the introduction of anti-malware controls in main retail banks and the institution of the Shared Accountability Framework (SRF), aimed toward growing the accountability of economic establishments and telecommunications corporations to their prospects.

Alvin Tan, Minister of State, Ministry of Commerce and Trade and Ministry of Tradition, Neighborhood and Youth in addition to board member of MAS, highlighted these achievements through the parliament sitting yesterday (28 February 2024).

Additional efforts to fight scams embrace enhancing banks’ fraud surveillance capabilities, strengthening authentication processes, and selling using Cash Lock—a characteristic that permits prospects to safe a portion of their funds.

He shared that provided that a good portion of rip-off losses includes authorised transactions, the place victims are manipulated into transferring cash to scammers, there’s an emphasis on the necessity for public vigilance.

MAS will proceed to assist nationwide training campaigns to lift consciousness about rip-off techniques and the significance of exercising warning.

Alvin Tan

Tan mentioned,

“Regardless of this progress, we aren’t resting on our laurels. MAS will construct on this progress by persevering with to work with banks to additional strengthen anti-scam controls. We are going to higher safeguard funds by encouraging folks to undertake Cash Lock, and enhancing Cash Lock’s performance.

 

MAS can also be working with banks to enhance their fraud surveillance capabilities and strengthen authentication measures at account logins and when making fee transactions. Admittedly, these will add extra friction to the banking course of, however these will higher safeguard shoppers’ pursuits and scale back the quantities misplaced by way of scams in the long term.”

Featured picture credit score: Edited from Freepik