Cybersecurity
Singapore Urges Banks to Step Up Security After Scams, Glitches
- Banks must enhance fraud surveillance, finance minister says
- OCBC customers recently lost $10.2 million in phishing scam
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Singapore authorities are urging banks to impose stronger security measures to prevent more phishing scams after one of the city-state’s biggest lenders was hit by a serious case of fraud.
Banks need to expand their fraud surveillance capabilities, Lawrence Wong, the finance minister and deputy chairman of the Monetary Authority of Singapore, said in parliament on Tuesday. They must also increase their ability to immediately block suspicious activity and reach out to customers to verify transactions before they’re processed, he said.