Singapore banks have prevented and recovered over S$57.6 million in scams in the first nine months of 2023, thanks to enhanced security measures implemented by major retail banks, according to the Association of Banks in Singapore (ABS).

This was achieved through close collaboration between ABS, its member banks, the government, and law enforcement authorities.

ABS said that the banks’ recently implemented anti-malware tools have further protected customers from potential losses of at least S$18.6 million.

The association added that banks will continue to introduce new anti-scam measures and enhancements in an agile manner to keep pace with ever-evolving scam tactics.

The ABS also urged the public to be vigilant against scams and to take steps to protect themselves, such as installing apps only from the official app stores.

The association has also been working with banks to raise public awareness to new scam typologies and the steps they can take to protect themselves.

Banks also have discretionary goodwill frameworks to help customers who have been scammed. These programs can help customers reduce the financial impact of the scam.

When deciding whether to help a customer, banks will consider how sophisticated the scam was and how much money the customer lost.

Ong-Ang Ai Boon, Director, ABS said,

“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.”