The Association of Banks in Singapore (ABS) has announced that Singapore's major retail banks will enhance security measures to combat the increasingly sophisticated cyber threat.
The ABS said this week that Singapore banks design and operate anti-malware security measures that are appropriate for their customer base and systems, and will progressively update the measures to respond to changes in the threat landscape.
The new anti-malware security measures applied to the bank's apps are designed to protect customers and help the bank monitor malware on customer devices as cyber threats become more sophisticated. The new measures do not monitor devices but will attempt to block access to banking applications and notify customers when suspicious activity is detected.
Commenting on the safeguards, Ho Hern Shin, Deputy Managing Director of the Monetary Authority of Singapore (MAS), said: "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."