Furthermore, the banks’ recently implemented anti-malware tools have further protected customers from potential losses of at least $18.6 million, even as they are progressively rolled out.
Banks in Singapore have averted $57.6 million in scam losses for the 9M2023, according to the Association of Banks in Singapore (ABS).
This was due to the enhanced security measures implemented by the major retail banks in the country to protect its customers from scams, the ABS added.
