MoneySmart suffers data breach affecting Singapore and Hong Kong users
Personal finance platform MoneySmart suffered a data breach involving some users in Singapore and Hong Kong last Thursday (29 Oct).
In a statement released on 3 Nov, MoneySmart CEO Vinod Nair apologised to those affected by the incident.
The company revealed that “an unauthorised third party had accessed some of [their] internal IT systems”.
Internal investigations have shown that personal data belonging to MoneySmart customers in Singapore and Hong Kong was copied.
CEO offers apologies and updates on measures taken
Source: Philipp Katzenberger on Unsplash, for illustrative purposes only
“I am deeply sorry to everyone affected,” said Mr Nair.
“Customers trust us with information about their financial lives, and we take that responsibility very seriously.”
The CEO also reports that the company was able to act immediately to stop the unauthorised access and secure its systems.
They have since reported the incident to relevant authorities and engaged independent cybersecurity and forensics experts to investigate further.
Customers will also be contacted directly to explain what data was involved and the steps they can take to protect themselves.
Business as usual for now
MoneySmart also reports that it will “[continue] to operate as normal”.
The company reaffirms that it is commited to supporting its customers.
MoneySmart urges users to stay alert against suspicious phone calls, unsolicited emails, and fake messages.
It also reminds users that they will never ask for passwords, one-time passwords (OTPs) or banking details over the phone or email.
We are reviewing everything that led to this incident and making the changes needed to prevent it from happening again.
Affected users with enquiries can reach out to MoneySmart via email at datasecuritysg@moneysmart.com.
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Featured image adapted from Vinod Nair on LinkedIn and MoneySmart on Facebook.