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Bolstering Security of Digital Banking in Singapore

Following the recent spate of SMS-phishing scams targeting bank customers, The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are introducing a set of additional measures to bolster the security of digital banking.

MAS expects all financial institutions to have in place robust measures to prevent and detect scams as well as effective incident handling and customer service in the event of a scam.  The growing threat of online phishing scams calls for immediate steps to strengthen controls, while longer-term preventive measures are being evaluated for implementation in the coming months.

MAS is deeply concerned about the recent spate of scams and the financial losses suffered by victims. The threat of scams will not go away, but we can reduce our vulnerabilities. This requires a multi-pronged response across the ecosystem. MAS, together with the Police, IMDA and other relevant government agencies, is working closely with the financial industry, the telco industry, consumer groups, and other stakeholders to strengthen our collective resilience against scam attacks. We will ensure that digital banking remains secure, efficient, and trusted.

– Ravi Menon, Managing Director, MAS

Banks in Singapore, in consultation with MAS, will work to put in place more stringent measures within the next two weeks, including:

  • Removal of clickable links in emails or SMSes sent to retail customers
  • The threshold for funds transfer transaction notifications to customers to be set by default at $100 or lower
  • Delay of at least 12 hours before activation of a new soft token on a mobile device
  • Notification to an existing mobile number or email registered with the bank whenever there is a request to change a customer’s mobile number or email address
  • Additional safeguards, such as a cooling-off period before implementation of requests for key account changes such as in a customer’s key contact details
  • Dedicated and well-resourced customer assistance teams to deal with feedback on potential fraud cases on a priority basis
  • More frequent scam education alerts.

Customer vigilance remains of paramount importance. Scammers are quick to adapt in targeting unsuspecting consumers. To avoid falling for online banking scams, customers must:

  • Never click on links provided in SMSes or emails;
  • Never divulge internet banking credentials or passwords to anyone;
  • Verify SMSes or emails received by calling the bank directly on the hotline listed on its official website;
  • Verify that you are at the bank’s official website before making any transactions or transact through the bank’s official mobile application; and
  • Closely monitor transaction notifications so that any unauthorised payments are reported as soon as possible to increase the chances of recovery.

Banks will continue to work closely with MAS, the Singapore Police Force, and the Infocomm Media Development Authority (IMDA) to deal with this scourge of scams. This includes working on more permanent solutions to combat SMS spoofing, including the adoption of the SMS Sender ID registry by all relevant stakeholders.  MAS is also intensifying its scrutiny of major financial institutions’ fraud surveillance mechanisms to ensure they are adequately equipped to deal with the growing threat of online scams.

As reported by OpenGov Asia, Singapore’s Infocomm Media Development Authority (IMDA), the Monetary Authority of Singapore (MAS) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), in collaboration with commercial partners have successfully concluded the world’s first cross-border digital trade financing pilot of its kind.

The pilot used IMDA’s TradeTrust framework to facilitate the transfer of electronic records between jurisdictions that have adopted the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR). This harmonises the legal recognition of digital documents such as electronic bills of lading (eBLs) across both jurisdictions and complements the larger global trade movement by the G7 economies on adopting electronic transferable records in international trade.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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