Singapore banks act to tackle spate of SMS phishing scams

Banks in Singapore are set to remove clickable links in emails and text messages sent to retail customers after a spate of SMS phishing scams.

Avoid phishing scams: Do you know what banks will never ask you?

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What’s the Deal with SMS Phishing Scams | N26

Can you identify common phishing scams?

In this video we take a look at SMS phishing scams, more commonly known as smishing. By sending normal-seeming text messages, scammers try to gain access to your personal data or install malware on your phone.

From texts, to email, to phone calls, phishing scams have gotten more sophisticated and harder to spot. Some things to look out for so you don’t fall prey to savvy scammers include:

Messages with typos
Numbers you don’t recognize
Texts that create a sense of urgency
URLs that seem suspicious or unfamiliar

Learn more about avoiding phishing and pharming scams on our blog:

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New measures to strengthen the security of digital banks announced in a series of SMS phishing fraud

following a recent spate of SMS phishing scams targeting bank customers. New measures to strengthen the security of digital banks announced in a series of SMS phishing fraud SINGAPORE The growing threat of online phishing scams calls for immediate steps to strengthen controls setting a default threshold of S$100 or lower for funds transfer transaction notifications and having a delay of at least 12 hours before the activation of a new soft token on a mobile device. Banks will also send a notification to the existing mobile number or email registered with the bank whenever there is a request to change these details. Additional safeguards such as a cooling-off period before implementation of key account changes – such as key contact details – and more frequent scam education alerts will also be put in place. Dedicated and well-resourced customer assistance teams to deal with feedback on potential fraud cases on a priority basis are also required. Additional measures will be put in place within the next two weeks to bolster security of digital banking services MAS expects all financial institutions to have in place robust measures to prevent and detect scams as well as effective incident handling and customer service in the event of a scam.

New Scams to Watch Out For in 2022

The scammers won’t stop, so be ready!
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▼ Time Stamps: ▼
0:00 – Intro
0:23 – Google Voice Verification Scam
2:50 – Zelle Payment Scam
5:51 – “Cloud Access” Job Scam
8:21 – Post Disaster Scams
10:06 – ‘Geek Squad Subscription’ Scam
11:20 – Omicron PCR Testing Scam
12:16 – Fake/Prop Money Scams
13:38 – Tax Credit Scams
14:48 – ‘Emergency Broadband Program’ Impersonators

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