Amid rising fears of virtual crimes, how can FSIs—whether traditional banks, fintech startups, or insurance firms—in Singapore and the region enhance trust by balancing security with user experience?
Over the past five years, Singapore has seen a rise in fraudulent activities targeting financial services institutions (FSIs). Incidents range from money mules exploiting Singpass credentials to open accounts with over $1.28 million from scam victims in June 2024, to the OCBC scam where 800 customers lost $13.7 million.
Trust has become an increasingly critical asset for Singapore’s FSIs as they strive to meet evolving customer expectations and regulatory standards. The Shared Responsibility Framework is now holding Singapore banks more accountable for losses from digital phishing scams. At the same time, the expanded scope of the Cybersecurity Act will require FSIs to report a broader range of incidents, including those affecting third-party vendors.
