Security

Singtel and M1 Collaborate on National-Level Approach to Combat Digital Fraud

Singapore’s mobile operators Singtel and M1 have announced a collaboration to enhance security for their customers through network-based authentication. This initiative leverages standardised communication channels (APIs) set by the GSMA, allowing real-time verification of mobile phone numbers and device locations.

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Over 61,000 Singaporeans Utilise “Money Lock”, Safeguarding Over S$5.4 Billion

More than 61,000 Singaporean bank accounts have utilised the “Money Lock” feature since its launch in November 2023, with over S$5.4 billion set aside for protection against digital theft. Alvin Tan, Minister of State for the Ministry of Trade and

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Singapore Sees Progress in Fight Against Phishing with Stronger Bank Safeguards

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

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DBS Expands Its Money Lock Feature ‘digiVault’ to All Accounts

DBS and POSB has announced the expansion of its digiVault protection to all customer accounts, providing users with the option to securely lock funds in their existing accounts. This initiative is aimed at bolstering self-managed security in response to the

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MAS Warns Financial Institutions of Quantum Computing Cyber Threats

The Monetary Authority of Singapore (MAS) has cautioned financial institutions on the cybersecurity vulnerabilities introduced by the advent of quantum computing. Quantum computers, which leverage the principles of quantum mechanics, promise to revolutionise various industries by processing certain mathematical problems

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Revolut Deploys AI to Combat Card Scams, Reports 30% Fraud Loss Reduction

Global neobank Revolut has rolled out an advanced artificial intelligence (AI) feature designed to shield its 35 million users worldwide from the growing threat of card scams. The AI-driven feature is engineered to identify and prevent Authorised Push Payment (APP)

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Google Set to Launch Pilot to Protect Singapore’s Android Users from Fraud

Google has announced a new pilot programme aimed at protecting Android users from financial fraud in collaboration with the Cyber Security Agency of Singapore (CSA). The pilot will first be launched in Singapore in the coming weeks. The pilot programme

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Mastercard Taps Gen AI for Faster, More Accurate Payments Fraud Detection

Mastercard has adopted generative artificial intelligence (AI) techniques to strengthen security measures for consumers and the broader payments network. This move aims to bolster the Mastercard’s Decision Intelligence (DI) system, a real-time decisioning tool that currently facilitates the safe authorisation

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OCBC Enhances Digital Security, Extends OCBC Money Lock to Time Deposits

From January 31, OCBC Singapore is set to expand its OCBC Money Lock ‘kill switch’ service to time deposits. This follows its successful implementation for current and savings accounts in November 2023. The enhancement is a response to growing concerns

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Over 200 DBS Customers Lose S$446K This Year to Sophisticated Phishing Scams

No less than 219 customers of DBS Bank have reportedly been duped by sophisticated phishing scams in the first two weeks of 2024, resulting in a collective loss of approximately S$446,000 (US$335,000), Channel News Asia learned from a joint statement

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