Today-Jan 12

Experts said the convenience of online banking should not necessarily compromise security, and vice versa. A circular to banks from the central bank said consumers should not have to bear full financial losses of any fraudulent transactions unless they had been grossly negligent. The banks have a role to safeguard customers’ funds by using the best cybersecurity strategy, but customers have to level up as well. Only 4 per cent of Singaporeans are able to identify phishing attempts, a 2020 poll showed. Some cybersecurity experts highlight a weakness in relying on SMS for two-factor authentication. The recent spate of SMS phishing attempts on OCBC customers affected at least 469 customers, who lost around S$8.5 million in all. Scammers were able to phish out account login information through phone text messages that spoofed the bank’s official SMS thread, fooling people into keying their details on a fake website. These scams have risen in numbers in recent years. Read more at: https://www.todayonline.com/singapore/ocbc-phishing-scam-underscores-trade-between-convenience-and-security-bank-customers-risk-experts-1789236