Singapore urges banks to step up security after scams, glitches


In December, 790 customers of Singapore’s second-largest bank lost a total of S$13.7mil (US$10.2mil/RM42mil) in scams. An investigation revealed that the victims had provided their online banking log-in credentials and one-time passwords to phishing websites, enabling the scammers to take over their accounts. — AFP

Singapore authorities are urging banks to impose stronger security measures to prevent more phishing scams after one of the city-state’s biggest lenders was hit by a serious case of fraud.

Banks need to expand their fraud surveillance capabilities, Lawrence Wong, the finance minister and deputy chairman of the Monetary Authority of Singapore, said in parliament on Tuesday. They must also increase their ability to immediately block suspicious activity and reach out to customers to verify transactions before they’re processed, he said.

Save 30% and win Bosch appliances! More Info

Monthly Plan

RM13.90/month
RM9.73 only

Billed as RM9.73 for the 1st month then RM13.90 thereafters.

Annual Plan

RM12.33/month
RM8.63/month

Billed as RM103.60 for the 1st year then RM148 thereafters.

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Others Also Read


All Headlines:

Want to listen to full audio?

Unlock unlimited access to enjoy personalise features on the TheStar.com.my

Already a member? Log In