Banks in Singapore take measures to protect customers against scams | The Asian Banker
Sunday, 3 March 2024

Banks in Singapore take measures to protect customers against scams

5 min read

The Association of Banks in Singapore (ABS) announced that the enhanced security measures implemented by major retail banks in Singapore to protect customers from scams, including malware scams, have shown signs of effectiveness.

In the first nine months of 2023, banks have prevented and recovered over $57.6 million across all scam typologies. Banks’ recently implemented anti-malware tools have further protected customers from potential losses of at least $18.6 million, even as they are progressively rolled out across the banks.

This was achieved by the close collaboration between ABS and its member banks, who worked closely with the government and law enforcement authorities, to counter scams. Banks will continue to introduce new anti-scam measures and enhancements in an agile manner to keep pace with ever-evolving scam tactics and the increasingly sophisticated methods used by scammers to target customers. These anti-scam measures may cause some inconveniences for customers, but these are necessary safeguards to protect customers against scammers and maintain confidence in digital banking services.

ABS has also been working with banks to raise public awareness to new scam typologies and the steps they can take to protect themselves. For example, banks have been alerting customers to malware scams and cautioning members of the public to install apps only from the official app stores.

Banks also maintain discretionary goodwill frameworks to assist consumers who fall prey to scams, cushioning them against the full financial impact brought about by the scams. In applying the goodwill framework, banks will seek to be accommodative when reviewing the overall circumstances of each case, taking into consideration the sophistication of the scam typology and the customer’s financial situation.

Ong-Ang Ai Boon, director, ABS, said: “The fight against scams is never-ending and requires a combination of efforts from the authorities, banks and the public at large. While banks are committed to do their part to protect customers against scams and will exercise empathy towards customers who had fallen for scams, community vigilance remains critical in the fight against scams. We need to embed good cyber hygiene and safe practices in our daily lives, such as not clicking on unknown links and maintaining healthy scepticism against deals or promises that are too good to be true. Please remind family and friends to do the same.”

 

Re-disseminated by The Asian Banker

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