The Association of Banks in Singapore (ABS) has announced that major retail banks in Singapore are enhancing their security measures to address an increasingly complex cyber-threat landscape.
This week, ABS reported that Singapore’s banks have devised and implemented anti-malware security measures tailored to their customer base and systems. They will gradually introduce new measures to adapt to the evolving threat environment.
As cyber threats become more sophisticated, the new anti-malware security measures on banking apps are designed to protect customers and help banks detect malware on users’ devices. These measures will not conduct surveillance on devices; instead, they aim to prevent access to banking apps and notify customers in the event of suspicious activity.
Ho Hern Shin, deputy managing director of the Monetary Authority of Singapore (MAS), stated: “As scammers continually adjust their tactics to evade existing safeguards, the industry must respond flexibly to counter these threats. We encourage the public to stay vigilant regarding scam advisories from the police and banks, so that we remain informed about new scam tactics and can take necessary protective measures.”