How does the recent spate of bank scams in Singapore affect you? What can you do about it? Find out in the article below.They had arrested 13 people suspected to have been involved in a recent series of bank phishing scams. These scams had ensnared nearly 800 OCBC Bank users and inflicted on them a total of $13.7 million in losses.
The increased reliance on digital services means those unfamiliar with the new technology are more vulnerable to online scams. While advances in technology have made bank transactions much more convenient, they have also assisted scammers. For example, in a few recent cases,to direct Maybank users to a fraudulent customer service hotline. Scammers have also sent SMS messages in the same SMS thread that is used by a bank to send legitimate messages. Online banking scams have become more sophisticated and present an increased threat to banks and their customers.
For example, in the Maybank Google Ads banking scam, the scammers convinced victims that their accounts were frozen as part of a police anti-scam initiative. To unfreeze their accounts, the victims were told that hey had to transfer money to a new account. This resulted in the victims losing their money.Before entering your details on a bank’s webpage or making any transactions, verify that you are on the bank’s official website.
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