Banks to remove clickable links in emails, SMSes sent to customers as part of new security measures

Banks to remove clickable links in emails, SMSes sent to customers as part of new security measures

Ocbc, Phishing

19/1/2022 3:26:00 PM

Bank s to remove clickable links in emails, SMS es sent to customers as part of new security measures

SINGAPORE — Bank s in Singapore will be removing clickable links in emails or SMS messages sent to retail customers and set the threshold for funds transfer notifications to customers by default at S$100 or lower. These are part of several measures to protect account holders from phishing scams.

In the joint statement, MAS and ABS said that these measures will bolster the security of digital banking, given that it will lengthen the time taken for certain online banking transactions and also provide an added layer of security to protect customers’ funds.

Sending notification to a customer's existing mobile number or email registered with the bank whenever there is a request to change a customer’s mobile number or email addressMore frequent scam education alertsThe banks will continue to work closely with MAS, the police and the Infocomm Media Development Authority to deal with these scams, including coming up with more permanent solutions such as getting all relevant stakeholders to

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It’s better to bring back traditional methods instead of relying on sms and apps online banking for those who prefers over the counters customers services.

S'porean man shows how easy it is to spoof SMSes like those in OCBC scamMethod is 'extremely easy' for scammers to exploit. Wow that is pure evil, he needs to be locked up for life. The lesson learnt here is that, sometimes its better to have the mentality of prepare to lose a few tens to hundreds of dollars to an unauthorised 'graab' or 'lazardae' deduction, rather than to react immediately to a fake notification of unautho deduction , and lose lifesavings Please teach. We can spoof the bank accounts from the white party so they will enforce new laws and safety net because it hurt them.

OCBC phishing scam: Banks should stop using SMS to communicate with customers, experts saySINGAPORE — In the wake of a recent phishing scam involving hundreds of OCBC bank customers, some cybersecurity experts are suggesting that banks here do away with communicating important information such as verification codes via SMS . Then use wat? Email? Call? Telepathy? Step 1 is wrong. It should be the bang’s useless security and failed customer service. Bank’s comm with customers should be via bank’s app only. No more sms please. This is scary.

Banks to tighten measures to boost digital banking security: MAS, ABSSINGAPORE: Additional measures will be put in place within the next two weeks to bolster security of digital banking services, following a recent spate of SMS phishing scams targeting bank customers.

Banks to tighten measures to boost digital banking security: MAS, ABSSINGAPORE: Additional measures will be put in place within the next two weeks to bolster security of digital banking services, following a recent spate of SMS phishing scams targeting bank customers.

OCBC phishing scam: Banks should stop using SMS to communicate with customers, experts saySINGAPORE — In the wake of a recent phishing scam involving hundreds of OCBC bank customers, some cybersecurity experts are suggesting that banks here do away with communicating important information such as verification codes via SMS . Then use wat? Email? Call? Telepathy? Step 1 is wrong. It should be the bang’s useless security and failed customer service. Bank’s comm with customers should be via bank’s app only. No more sms please. This is scary.

DBS warns of SMS phishing scam 'actively targeting' customersSINGAPORE: DBS Bank warned on Wednesday (Jan 19) that a phishing scam is \u0022actively targeting\u0022 customers via suspicious login alert scams. The warning comes on the back of a recent spate of straits_times govsingapore SingaporePolice MAS_sg CPIBsg Pls investigate if the culprits are linked with FOREIGN/LOCAL SYNDICATE/TERRORISM. Many victims,many cheats, many ways for long. BIG💰. Pls check WHERE the TRANSFERS GO TO. FREEZE bank accounts & publish & punish them

at least S$8.5 million . The fraudsters had sent out fake bank alerts that spoofed the bank's official SMS channel, duping many of them into clicking on web links and giving up their personal account information last month. In the joint statement, MAS and ABS said that these measures will bolster the security of digital banking, given that it will lengthen the time taken for certain online banking transactions and also provide an added layer of security to protect customers’ funds. Other measures that banks will be putting in place include: Delaying activation of a new soft token on a mobile device by at least 12 hours Sending notification to a customer's existing mobile number or email registered with the bank whenever there is a request to change a customer’s mobile number or email address Introducing a cooling-off period before executing requests to important account changes such as in a customer’s key contact details Having dedicated and well-resourced customer assistance teams to deal with feedback on potential fraud cases on a priority basis More frequent scam education alerts "MAS expects all financial institutions to have in place robust measures to prevent and detect scams as well as effective incident handling and customer service in the event of a scam," the joint statement read. "The growing threat of online phishing scams calls for immediate steps to strengthen controls, while longer-term preventive measures are being evaluated for implementation in the coming months." The banks will continue to work closely with MAS, the police and the Infocomm Media Development Authority to deal with these scams, including coming up with more permanent solutions such as getting all relevant stakeholders to register SMS sender IDs of individuals they wish to protect, MAS and ABS said. Sender IDs are names that identifies the sender of an SMS message so that a word or phrase (eg. OCBC), instead of a number, is displayed on the recipient's mobile phone. "MAS is also intensifying its scrutiny of major financial institutions’ fraud surveillance mechanisms to ensure they are adequately equipped to deal with the growing threat of online scams," they added. MAS and ABS also reminded customers that they should be vigilant and must: Never click on links provided in SMS messages or emails Never reveal their internet banking passwords to anyone Verify SMS messages or emails received by calling the bank directly on the hotline listed on its official website Verify that they are looking at the bank’s official website before making any transactions Transact through the bank’s official mobile application Closely monitor transaction notifications so that any unauthorised payments are reported as soon as possible to increase the chances of recovery Mr Ravi Menon, managing director of MAS, said that the threat of scams will not go away, but there are ways to reduce vulnerabilities of online banking. "MAS, together with the police, IMDA and other relevant government agencies, is working closely with the financial industry, the telco industry, consumer groups and other stakeholders to strengthen our collective resilience against scam attacks. We will ensure that digital banking remains secure, efficient, and trusted," he added. Related topics