Cyber risk alert for banks

In Singapore, its central bank, The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) introduced a set of additional measures this week to enhance the security of digital banking.

CONCERNS are mounting following the recent phishing scams involving Singapore’s second largest bank Oversea-Chinese Banking Corp (OCBC), with industry observers noting that such cases are set to go up here as well.

To be sure, with the increasing use of digital banking, such predictions and fears are justified.