Ong Ye Kung on unauthorised online banking transactions

Unauthorised online banking and card transactions have been on an upward trend, Monetary Authority of Singapore board member Ong Ye Kung said in Parliament on Tuesday (Feb 16). Responding to an MP's questions, he said that in 2020, police received 1,848 such reports, compared to 114 in 2018 and 329 in 2019. Mr Ong noted that multi-factor authentication cannot eliminate all scams as many victims are tricked into revealing confidential information. He said victims will not bear any financial loss if they have not been negligent and if the unauthorised transactions were due to banks’ lapses.