MAS warns of rising number of phishing scams targeting bank accounts

MAS warns of rising number of phishing scams targeting bank accounts

File photo of the logo of the Monetary Authority of Singapore at its building in Singapore
The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore. (Photo: Reuters/Edgar Su)

SINGAPORE: The Monetary Authority of Singapore (MAS) has advised consumers to "exercise utmost caution" when dealing with emails requesting for sensitive information associated with their bank accounts.

In an advisory on Sunday (May 6), MAS said there has been a rising number of "phishing attempts" in the past week.

The scams involved emails purportedly from banks asking customers to update their personal particulars, including information on their bank accounts, online banking user names and passwords.

The advisory comes following a warning from DBS on Thursday of a phishing scheme targeting POSB Bank customers and mimicking the POSB Internet Banking login page.

"Some of the emails claim it is an MAS requirement for bank customers to do so. Customers who receive such emails should not follow the instructions of the senders and should report them promptly to their banks," MAS said in its advisory.

MAS said it also expected all financial institutions to take action to protect customers and promptly alert them of any phishing activity and remove phishing websites that target their customers.

"Consumers who suspect that their user ID, personal identification numbers (PIN) or security tokens have been compromised, or if they identify any suspicious activities on their banking accounts, should contact their banks immediately," MAS said.

Source: CNA/mn

Bookmark