The ABS has declared that the advanced security measures taken by significant retail banks in Singapore are proving effective against scams.
From the beginning of 2023 till now, banks have successfully hindered and recovered a whopping $57.6m from various scam schemes.
A notable contribution to this achievement is the Singapore banks’ recently introduced anti-malware tools, which have shielded customers from potential losses totalling at least $18.6m. As these tools are still being integrated across banks, their effectiveness is anticipated to rise.
ABS and its member banks have been collaborating intensively, combining forces with governmental bodies and law enforcement agencies to combat these scams. With the rapid evolution of scam strategies and the sophisticated techniques employed by fraudsters, banks are constantly on their toes. They’re introducing new anti-scam methods and refining existing ones swiftly. While these measures may cause minor inconveniences for customers, they are crucial for ensuring the safety of the clients and maintaining trust in digital banking services.
Furthermore, ABS is also proactive in increasing public knowledge on emerging scam typologies. They, along with banks, are informing the public about the dangers of malware scams and are advising them to only download apps from verified app stores.
Moreover, banks are offering a discretionary goodwill framework. This system is set up to support those customers who unfortunately fall victim to scams, helping them mitigate the total financial blow from such scams. Banks are being understanding and considerate, especially when assessing the intricacies of the scam encountered and the affected customer’s financial condition.
ABS Director Mrs Ong-Ang Ai Boon 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.”
In a move to fortify its AML mechanisms, Singapore recently revealed it was establishing an inter-ministerial committee to safeguard its financial systems.
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