Singapore Sees Progress in Fight Against Phishing with Stronger Bank Safeguards

Singapore Sees Progress in Fight Against Phishing with Stronger Bank Safeguards

by February 29, 2024

Singapore’s fight against phishing scams saw notable progress in 2023, with a reported 16% decrease in cases and a 14% reduction in financial losses compared to the previous year.

This improvement is attributed to the concerted efforts of the Monetary Authority of Singapore (MAS) and the banking industry to implement robust anti-scam measures.

These initiatives include the introduction of anti-malware controls in major retail banks and the establishment of the Shared Responsibility Framework (SRF), aimed at increasing the accountability of financial institutions and telecommunications companies to their customers.

Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth as well as board member of MAS, highlighted these achievements during the parliament sitting yesterday (28 February 2024).

Further efforts to combat scams include enhancing banks’ fraud surveillance capabilities, strengthening authentication processes, and promoting the use of Money Lock—a feature that allows customers to secure a portion of their funds.

He shared that given that a significant portion of scam losses involves authorised transactions, where victims are manipulated into transferring money to scammers, there’s an emphasis on the need for public vigilance.

MAS will continue to support national education campaigns to raise awareness about scam tactics and the importance of exercising caution.

Alvin Tan

Alvin Tan

Tan said,

“Despite this progress, we are not resting on our laurels. MAS will build on this progress by continuing to work with banks to further strengthen anti-scam controls. We will better safeguard funds by encouraging people to adopt Money Lock, and enhancing Money Lock’s functionality.


MAS is also working with banks to improve their fraud surveillance capabilities and strengthen authentication measures at account logins and when making payment transactions. Admittedly, these will add more friction to the banking process, but these will better safeguard consumers’ interests and reduce the amounts lost through scams in the longer term.”


Featured image credit: Edited from Freepik