MAS cautions consumers about scams asking for information on bank accounts

The Monetary Authority of Singapore (MAS) advises consumers to exercise utmost caution when dealing with emails requesting for sensitive information associated with their bank accounts.

There has been an increasing number of “phishing attempts” over the past week, with emails purportedly from banks asking customers to update their personal particulars, including information on their bank accounts, online banking user names and passwords. Some of the emails claim it is an MAS requirement for bank customers to do so. Customers who receive such emails should not follow the instructions of the senders and should report them promptly to their banks.

MAS also expects all financial institutions (FIs) to take action to protect their customers. They should promptly alert their customers of any phishing activity and remove phishing websites that target their customers.

Consumers who suspect that their user ID, personal identification numbers (PIN) or security tokens have been compromised, or if they identify any suspicious activities on their banking accounts, should contact their banks immediately. For more tips to guard against phishing activities, please refer to the MoneySense

Re-disseminated by The Asian Banker

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