The banks in Singapore will be removing all clickable links and emails sent to customers within the next two weeks as stricter measures will be added to bolster digital banking security.
Banks to Remove Links and Emails
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced the additional security measures after the recent increase of phishing scams targeting bank customers.
Last month, OCBC Bank said that it would cover the losses of the customers who fell victim to the phishing scams. The local banks, the Supreme Court, and the Singapore Police Force issue warnings about the scams.
The new security measures include a 12 hour delay before the activation of a new soft token on a mobile device, notification to a registered email or an existing mobile number whenever the customer requests to change their contact details, and a new team that will deal with potential fraud cases and other customer complaints.
Also Read: EA Warns of Phishing Scams Involving Fake Customer Support
The fund transfer transaction to customers will also change, as it is now set by default at $100 or lower, according to CNA.
Customers will also receive frequent scam education messages, and a cooling-off period before the implementation of requests for account changes will also be added.
Both the MAS and the ABS said that the threat of phishing scams serves as a wake-up call for the banks and the authorities to strengthen the security and apply long-term preventive measures to protect the customers, according to The Straits Times.
The MAS and the ABS added that the new security measures that the banks will implement would lengthen the time it takes for banking transactions to be completed, but customers are assured that an additional layer of security will be provided to protect their funds.
New Security Measures for Banks
Starting Jan. 19, all banks in Singapore will remove clickable links in text messages and emails sent to customers. A team of dedicated customer service professionals will focus on potential fraud cases for immediate action.
The threshold for bank funds transfer will now be $100 or lower, and there will be a 12-hour delay before the activation of a new soft token on mobile devices.
Also, notifications will be automatically sent to the customer's existing phone number or email whenever they request changes in their account. A cooling-off period will take place before the changes are implemented.
The new security measures are necessary as more than 470 OCBC customers lost around $8.5 million to phishing scams just last month. One of the victims of the scam is a mother of seven who claimed she lost more than $100,000.
Another victim in his 20s said it took him five years to save $120,000 in his bank account, and it is the money he intends to use for his family.
The victims said that they received unsolicited messages that appeared to be from the bank. The messages claimed that there were issues with their accounts, and it asked users to click on the link attached to the message.
However, the link led to a fake bank website, and the victims were asked to enter their banking account details.
OCBC said that all of their affected customers will get full payouts to cover their lost amount. These payouts will be distributed next week. As of Jan. 19, more than 100 victims have received their payout, according to Reuters.
Several companies and establishments have been victims of phishing scams over the years. Last year, phishing scammers targeted Verizon customers via text messages.
In the same year, Facebook issued an alert to users that a phishing scam was circulating on the platform after several victims clicked on a malicious video that triggered malware.
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Written by Sophie Webster