Security

Suspects Extradited from Malaysia in S$34.1 Million Malware Scam Probe

Two men, aged 26 and 47, will appear in court on 15 June 2024, for their alleged involvement in malware-enabled scams targeting Singaporeans since June 2023. In 2023, at least 1,899 victims in Singapore were deceived into downloading malware, resulting

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Most Singapore Government SMSes Will Come from ‘gov.sg’ Starting July

The Singapore government is set to introduce a unified SMS Sender ID, gov.sg, for all its agencies starting 1 July 2024. This initiative aims to streamline government communications by ensuring all SMSes from government bodies come from the single Sender

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iPiD’s Payment Verification Solution Now Offered on Microsoft Azure

iPiD, a provider of payment verification solutions, has announced that its Global Bank Account Validation Deployment Kit is now available in the Microsoft Azure Marketplace. This online store offers applications and services for use on the Azure platform, enabling customers

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Singapore, Hong Kong to Exchange Info and Research on Scam Tactics

The Infocomm Media Development Authority (IMDA) of Singapore and Hong Kong’s Office of the Communications Authority (OFCA) have signed a Memorandum of Understanding (MOU) to combat scams. The agreement was finalised during their annual bilateral meeting in Singapore on June

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Singapore Authorities Issue Warning on Akira Ransomware Threat

The Cyber Security Agency of Singapore (CSA), the Singapore Police Force (SPF), and the Personal Data Protection Commission (PDPC) have issued a warning to organisations about the Akira ransomware variant, which has been targeting businesses across various sectors. The authorities

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Eastnets and iPiD Join Forces to Improve Global Payment Accuracy, Fraud Prevention

Eastnets, a global compliance and payment solutions provider, has entered a strategic partnership with iPiD, a beneficiary name and bank account verification service. This collaboration aims to enhance payment security and efficiency for banks, corporations, and financial institutions on a

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Taking the Preemptive Strike to Thwart Rising Scams and Fraud in ASEAN Banking

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. As the digital landscape continues to evolve, fraudsters are becoming increasingly sophisticated in their methods, posing

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Visa Issues 10 Billion Tokens, Thwarts US$650 Million in Fraud

Payment giant Visa announced at Money20/20 in Amsterdam that it has issued 10 billion tokens through its tokenisation technology. This has contributed over US$40 billion in additional e-commerce revenue globally and has prevented US$650 million in fraud over the past

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Asia Pacific’s Cyber Insurance Growth Project to Triple Next Year

Asia-Pacific (APAC) is one of the fastest-growing regions for cyber insurance, according to a S&P Global survey. Over the past five years, the region’s cyber insurance market has grown 51.2% annually, making APAC one of the most dynamic market in

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Swift Unveils AI Pilots to Combat Cross-Border Payment Fraud

Swift, the global financial messaging cooperative, has announced two AI-driven experiments in collaboration with member banks to combat cross-border payments fraud which could potentially save the industry billions in fraud-related costs. The first pilot aims to enhance Swift’s existing Payment

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