Major retail banks in SG boost anti-malware security measures

In 1H23, scam victims have reported a loss of $334.5m.

The Association of Banks in Singapore (ABS) revealed that major retail banks have enhanced their security measures to protect customers from malware scams with continuous initiatives to keep pace with possible changes in the threat landscape.

ABS’ statement came amidst debates on the proposed equitable loss-sharing framework for financial scams.

According to ABS, banks have designed and implemented anti-malware security measures suited for their customer base and systems, “deterring scammers from being able to defeat all scam protections across the industry in one fell swoop.”

“The anti-malware security measures on banking apps will aid banks in detecting the presence of malware on customers’ devices and trigger additional actions, including blocking access to the banking app or calling customers when suspicious activities are detected on their devices before transactions are effected,” ABS said.

“The anti-malware security measures may impact customers’ experience in performing banking transactions, but banks will continually calibrate their approach to achieve a right balance between the risk of fraud and inconveniencing legitimate transactions,” ABS added.

ABS, however,  underscored that these measures are not “foolproof.” The agency encouraged customers to be vigilant and discerning when it comes to online banking. 

The association advised customers not to download any suspicious Android Package Kit (APK) files from third-party or dubious sites as this can lead to malware being installed on their devices.