Written by
Eileen Yu, Contributor
Eileen Yu
Contributor
Eileen Yu began covering the IT industry when Asynchronous Transfer Mode was still hip and e-commerce was the new buzzword. Currently an independent business technology journalist and content specialist based in Singapore, she has over 20 years of industry experience with various publications including ZDNet, IDG, and Singapore Press Holdings.
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Posted in By The Way
on January 19, 2022
| Topic: Security
Banks and financial institutions in Singapore will have to implement new security measures that have been mandated following a series of phishing SMS scams that wiped several victims of their life savings. These measures include the removal of hyperlinks from email or SMS messages sent to consumers and a 12-hour delay in activating mobile software tokens.
The Monetary Authority of Singapore (MAS) and Association of Banks in Singapore (ABS) said in a statement Wednesday that the additional measures aimed to strengthen the security of digital banking, in light of the recent scams targeting bank customers.
The SMS-phishing scams involving at least 469 customers of OCBC Bank and resulted in losses of more than SG$8.5 million, with S$2.7 million alone lost over the recent three-day Christmas weekend. Several of the victims reportedly lost their life savings, including a 43-year-old man whose account was wiped of S$500,000, a 38-year-old software engineer who lost S$250,000, and 33-year-old finance executive who had her account emptied of S$68,000.
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