Macau Scam is not only affecting Malaysians, Singaporeans are also being targeted by scammers pretending to be bank officers and end up withdrawing life savings using manipulative tactics.
In efforts to curb the growing threat, the Monetary Authority of Singapore and the Association of Banks in Singapore have announced additional measures to further safeguard customers from digital banking scams.
Among them include the requirement of additional customer confirmations to process significant changes to customer accounts and other high-risk transactions identified through fraud surveillance by setting the default transaction limit for online funds transfers to S$5,000 or lower, providing an emergency self-service “kill switch” for customers to suspend their accounts quickly if they suspect their bank accounts have been compromised, facilitate rapid account freezing and fund recovery operations by co-locating bank staff at the SPF Anti-Scam Centre; and enhance fraud surveillance systems to take into account a broader range of scam scenarios.
To minimise the risk of navigating to fraudulent websites, bank customers are strongly encouraged to use mobile banking apps, as opposed to web browsers. Banks will continue to enhance the functionality of their banking apps, and assist customers to make the transition towards greater use of these apps.
While the enhanced anti-scam measures put in place by banks may lengthen the time taken for customers to complete certain online banking transactions, this is necessary to achieve a greater level of security and protection for their funds.
Additionally, the authorities are also working on a draft framework aimed at achieving equitable loss sharing between consumers and financial institutions. This will be then put for public discussion before taking further action on the proposal. A move seen as rather progressive.
