THE PROBLEM May CONTINUE.
The bad news is that these offenders will only be motivated to innovate as they already have by the allure of quick bargains. Scammers are already using new technologies, like artificial intelligence, to produce deepfakes that can be used to have convincing telephone or video conversations.
Fortunately, the government and economic institutions have taken action. In the midst of a wave of SMS hacking schemes, Singaporean businesses announced new steps in January 2022 to increase the security of online banking.
The measures include removing clickable links from SMS or email notifications sent to clients, establishing a South$ 100 or lower threshold for funds exchange transaction notifications, and mandating that new gentle tokens be activated on portable devices at least 12 hours in advance.
Whenever a request to transform these details is made, businesses may also notify the current mobile number or email that has been registered with the lender.
More safeguards included a cooling-off period prior to the implementation of important accounts changes, such as contact information, and more numerous scam education alerts.
Additionally, devoted and well-equipped customer service teams are needed to handle feedback on possible scams cases on a priority basis.
Banks must then, among other things, request additional verification in order to approach major changes to user accounts and other high-risk transactions discovered through fraud surveillance, set the default transaction limit for virtual funds transfers to S$ 5, 000 or lower, and offer an emergency self-service” kill switch” so customers can quickly suspend their accounts if they believe their bank accounts have been compromised.
Members of the public have also been warned by the Singapore Police Force not to download suspicious Android package kit( APK ) files from unauthorized or suspicious websites because doing so could result in malware being installed on their devices. Anti-virus software installation comments have also been made.