The Association of Banks in Singapore (ABS) has revealed that significant retail banks in the city-state have bolstered their security protocols against malware scams, introducing enhancements and new countermeasures to adapt to the ever-evolving threat landscape.
In a bid to safeguard their varied customer base and systems, the banks have crafted specific anti-malware protocols, according to the announcement. This multifaceted approach aims to prevent scammers from bypassing industry-wide security measures with a single attack strategy.
The implemented security measures on banking applications will empower banks to identify malware on client devices. If malware is detected, the bank can undertake various responsive actions, such as blocking access to the banking app or alerting the customer to suspicious activities on their device before any transaction takes place.
Crucially, these security protocols neither monitor customers’ devices nor store any personal data.
Although these measures may affect the ease of banking transactions for clients, the banks have committed to fine-tuning their approach. The goal is to strike a balance between fraud prevention and the smooth processing of legitimate transactions.
In collaboration with the government and law enforcement, ABS and the banks will intensify their efforts to educate the public on malware scams and promote the installation of apps exclusively from official app stores.
Ong-Ang Ai Boon, Director of ABS, remarked:
While these measures will bolster security, a vigilant and discerning customer remains the most effective line of defence against scams.
Endorsing the banks’ initiatives, Ho Hern Shin, Deputy Managing Director (Financial Supervision) at the Monetary Authority of Singapore (MAS), emphasized the need for the public and industry to stay abreast of scammers’ evolving strategies. She stated:
The public should be attentive to scam advisories from both the police and banks to remain informed about novel scam techniques and take protective action.
Highlighting the gravity of the situation, David Chew, Director at the Commercial Affairs Department, Singapore Police Force, explained, “Scammers are crafty, deceiving victims into downloading malware-riddled apps that compromise their phones and bank accounts. These newly introduced anti-malware measures substantially improve security and shield the public from such scams.”
He also warned against downloading any suspicious Android Package Kit (APK) files from untrustworthy sources, a common method through which malware infiltrates devices.
Established in 1973, ABS advocates for and represents the interests of Singapore’s banking community. Collaborating with relevant governmental bodies, ABS drives the development of a robust financial framework in Singapore. With over 150 member banks, ABS seeks to unify its members and address challenges facing the city-state’s financial and banking sectors.
