Singapore is now on high alert against phishing scams.
Ever since the latest OCBC scam ripped through the accounts of over 400 victims, Singaporeans expect more from the entities they entrust their life savings to.
Hence, the authorities have introduced a slew of new measures to strengthen security measures. Among these include removing clickable links in emails and texts sent from banks to customers.
We can expect these new changes to be implemented in 2 weeks.
According to a press release by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), new security measures are necessary to enhance digital banking security.
At least 469 customers fell prey to the OCBC phishing scam, resulting in a staggering loss of at least $8.5 million.
Better safeguards are necessary, and these include:
There will also be a “cooling-off period” before implementing requests for changes in a customer’s key contact details.
Banks should also have a “dedicated and well-resourced” customer assistance team to handle feedback on potential fraud cases.
It takes 2 hands to clap. And in this case, the onus is also on the customers to be vigilant against scams.
MAS & ABS advise customers to:
In the meantime, the banks will continue working with MAS, the police, Infocomm Media Development Authority (IMDA) to tackle scams.
Apart from security measures, they are also looking into long-term solutions to combat SMS spoofing by setting up an SMS Sender ID registry. You can check out a related petition on Change.org about this here.
The prevalence of online scams is distressing, making it harder for many to trust emails or texts from banks.
However, unsuspecting customers may still fall prey, judging by how legitimate the phishing scam appeared when it targeted OCBC Bank customers.
Warn your loved ones about how to protect themselves from scams. They can start by refraining from clicking on links in all emails and texts sent from banks.
And when in doubt, please call the bank directly. Stay vigilant.
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Featured image adapted from Unsplash.
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