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.