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Lawrence Wong on fighting credit card scams using SMS OTP

The authorities announced on Sep 15 that malicious actors overseas had diverted and used SMS OTPs for fraudulent credit card transactions between September and December 2020. Seventy-five bank customers in Singapore were affected. Banks have reached out to them to waive the unauthorised transactions, amounting to about S$500,000. There have been no confirmed cases of SMS OTP diversion in Singapore prior to September 2020. Banks are reviewing all card dispute cases reported to them from September 2020 to check if there may be other similar fraudulent transactions, as well as new reports before September 2020. Affected customers do not have to bear the unauthorised charges if they had been careful with their card information and authentication credentials. Finance Minister Lawrence Wong, who gave this update in reply to MPs' questions in Parliament on Tuesday (Oct 5), said this attack has shown the need for collective effort against scams. 

Lawrence Wong on fighting credit card scams using SMS OTP

05 Oct 2021 11:00am

The authorities announced on Sep 15 that malicious actors overseas had diverted and used SMS OTPs for fraudulent credit card transactions between September and December 2020. Seventy-five bank customers in Singapore were affected. Banks have reached out to them to waive the unauthorised transactions, amounting to about S$500,000. There have been no confirmed cases of SMS OTP diversion in Singapore prior to September 2020. Banks are reviewing all card dispute cases reported to them from September 2020 to check if there may be other similar fraudulent transactions, as well as new reports before September 2020. Affected customers do not have to bear the unauthorised charges if they had been careful with their card information and authentication credentials. Finance Minister Lawrence Wong, who gave this update in reply to MPs' questions in Parliament on Tuesday (Oct 5), said this attack has shown the need for collective effort against scams. 

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