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.
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.
In its Oct 24 statement, the ABS said that banks will continue to introduce new anti-scam measures and enhancements in an “agile manner” to keep up with the ever-evolving scam tactics and the increasingly sophisticated methods used by scammers to target customers.
“These anti-scam measures may cause some inconveniences for customers, but these are necessary safeguards to protect customers against scammers and maintain confidence in digital banking services,” says ABS.
“The fight against scams is never-ending and requires a combination of efforts from the authorities, banks and the public at large,” says Ong-Ang Ai Boon, director of ABS.
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“While banks are committed to do their part to protect customers against scams and will exercise empathy towards customers who had fallen for scams, community vigilance remains critical in the fight against scams. We need to embed good cyber hygiene and safe practices in our daily lives, such as not clicking on unknown links and maintaining healthy scepticism against deals or promises that are too good to be true. Please remind family and friends to do the same,” she adds.
