Singapore retail banks ramp up anti-malware security measures

In response to an uptick in malware scams, major retail banks in Singapore are enhancing security measures to protect customers, according to a statement by the Association of Banks in Singapore (ABS) on September 18. These measures detect malware on customer devices, leading to potential blockage of banking apps or notifying customers of suspicious activities before processing transactions. Emphasising privacy, ABS clarified that these security features neither monitor devices nor store personal data. While the banks strive to balance anti-fraud mechanisms with customer convenience, ABS Director Ong-Ang Ai Boon reminded the public that vigilance remains crucial. Scam cases in the first half of 2023 rose to 22,339, a substantial increase from 2022, with victims incurring losses of SGD334.5m.