Ministerial statement: Lawrence Wong on bolstering the security of digital banking
More measures are being looked at to fight bank phishing scams in the wake of the case involving OCBC, which was the most serious seen in Singapore involving spoofed SMSes impersonating banks. The measures include allowing customers to freeze their own accounts and expanding the use of biometric technology for authentication. Banks will be expected to boost fraud surveillance, expanding the parameters to take account of a wider range of scam scenarios. They will also accelerate the shift towards using mobile apps. Finance Minister Lawrence Wong outlined the details in Parliament on Tuesday (Feb 15). He said OCBC should have responded faster and more robustly at the first sign of the SMS phishing scam which it picked up in early December 2021. Seven hundred and ninety customers lost a total of S$13.7 million. Mr Wong said to date, more than 90 per cent have received reimbursement from the bank.
More measures are being looked at to fight bank phishing scams in the wake of the case involving OCBC, which was the most serious seen in Singapore involving spoofed SMSes impersonating banks. The measures include allowing customers to freeze their own accounts and expanding the use of biometric technology for authentication. Banks will be expected to boost fraud surveillance, expanding the parameters to take account of a wider range of scam scenarios. They will also accelerate the shift towards using mobile apps. Finance Minister Lawrence Wong outlined the details in Parliament on Tuesday (Feb 15). He said OCBC should have responded faster and more robustly at the first sign of the SMS phishing scam which it picked up in early December 2021. Seven hundred and ninety customers lost a total of S$13.7 million. Mr Wong said to date, more than 90 per cent have received reimbursement from the bank.
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