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Singapore's retail banks take steps to enhance cybersecurity

Singapore's retail banks take steps to enhance cybersecurity

The Association of Banks in Singapore (ABS) announced that major retail banks in Singapore have enhanced their security measures in a bid to combat an increasingly complex cyber-threat environment.

ABS reported this week that Singapore’s banks have designed and implemented anti-malware security measures suited for their customer base and systems, and will progressively introduce new measures to keep pace with changes in the threat landscape.

As cyber threats grow increasingly sophisticated, the new anti-malware security measures on banking apps are designed to protect customers and will aid banks in detecting the presence of malware on customers’ devices. The new measures will not conduct surveillance on devices but are intended to block access to banking apps and inform customers if suspicious activity is detected.

Ho Hern Shin, deputy managing director of the Authority of Singapore (MAS), commented: “As scammers constantly adjust their tactics to evade existing safeguards, the industry must continue to respond in an agile fashion to counter these threats. We urge members of the public to likewise remain attentive to scam advisories issued by the police and by banks, so that we will not be unaware of new scam tactics and can take the needed steps to protect ourselves.”

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