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Singapore Banks Increase Anti-Malware Measures Amid Growing Threats

Significant retail banks in Singapore have implemented enhanced security measures to protect against malware scams, the Association of Banks in Singapore (ABS) has announced. The banks have developed specific anti-malware protocols to prevent scammers from bypassing industry-wide security measures with a single attack strategy. The protocols enable banks to identify malware on client devices and take responsive actions, such as blocking access to banking apps or alerting customers to suspicious activities. Importantly, these security measures do not monitor customers’ devices or store personal data. While these measures may affect the ease of banking transactions, the banks are committed to fine-tuning their approach to strike a balance between fraud prevention and the smooth processing of legitimate transactions. ABS and the banks will work with the government and law enforcement to educate the public about malware scams and promote the use of apps from official app stores. Ong-Ang Ai Boon, Director of ABS, emphasized the importance of vigilant customers in preventing scams. Ho Hern Shin, Deputy Managing Director at the Monetary Authority of Singapore, urged the public and industry to stay informed about evolving scam techniques. David Chew, Director at the Commercial Affairs Department, Singapore Police Force, warned against downloading suspicious Android Package Kit (APK) files from untrustworthy sources. Established in 1973, ABS represents Singapore’s banking community and collaborates with relevant government bodies to develop a strong financial framework in the country. ABS aims to unite its member banks and address challenges in the financial and banking sectors.

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