Victims who take the bait do not get what they paid for, instead they find that scammers have wiped out their savings, sometimes siphoning away tens of thousands of dollars in a matter of minutes. Other victims are saddled with debt, after loans are taken out in their names.and carry out these unauthorised banking transactions. Millions have been lost from unwitting victims as these scams become increasingly common, prompting banks and the police to sound the alarm.
From January to June, there were more than 750 victims who lost a total of at least $10 million through these malware scams. The police have also updated their advisories, urging the public to put their phones on flight mode, delete suspicious apps and even take extreme measures such as performing a “factory reset” if they suspect their devices have been compromised.UOB, DBS introduce new security features on banking apps to protect customers
“In the tech world, we talk about removing friction for added convenience, but now banks are adding friction to stop, or at least slow scammers down,” he added. The other big question is that of liability – who should pay when scammers swindle their victims out of a lifetime of savings and even get them into debt?
Banking regulator Monetary Association of Singapore is working on a framework that will outline which entity is liable for losses arising from scams.
Singapore Latest News, Singapore Headlines
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