Spike in malware scam victims in July, August; losses equivalent to that in first half of 2023

  • 📰 straits_times
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 69%

Singapore Headlines News

Singapore Latest News,Singapore Headlines

Banks are introducing security measures but experts say customers need to exercise greater caution. Read more at straitstimes.com.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in SG

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

National costume for Miss International Hong Kong 2023 likened to anime characterWe do think it is the perfect Halloween costume.
Source: TODAYonline - 🏆 1. / 99 Read more »

Team Venezuela wins overall Albert Einstein Award at First Global Challenge 2023 in SingaporeAfter four days of intense robotics duels, Team Venezuela clinched the overall Einstein Award, given to the team with the best combination of in-tournament performance and that exemplifies values of the FIRST Global community.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Big bling, luxury watches and a new Homme section at UltraLuxe 2023Niche luxury festival Ultraluxe returns with style. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Getting a driving licence in Singapore (2023): Prices and reviews of BBDC, SSDC, and CDCStill, you never know when your driving skills will come in handy, whether in a rental car on an overseas road trip, or when your friend gets too drunk to drive his own car home. Besides, a driver's licence is also a nifty form of ID that is safer to carry around than your IC, since the replacement fees for...
Source: asiaonecom - 🏆 10. / 59 Read more »

Virtually certain 2023 will be warmest year on record: US agencyWASHINGTON: Following another month of record-breaking temperatures throughout the globe in September, the year 2023 is all but certain to be the warmest on record, a US agency said Friday (Oct 13).
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

MAS keeps Singdollar policy unchanged, expects 2023 growth at lower half of forecast rangeMAS said the global economic outlook remains uncertain and domestic recovery could be weaker than expected. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »