Be wary of e-mails asking for bank account info: MAS

Be wary of e-mails asking for sensitive information related to bank accounts, the Monetary Authority of Singapore (MAS) warned consumers in a statement yesterday.

MAS said consumers should "exercise utmost caution" when dealing with such e-mails, as it has seen a rise in the number of phishing attempts over the past week.

Phishing is a way of obtaining sensitive personal information such as bank account details, personal identification number (PIN), one-time passwords (OTP), credit card number, user ID or password through the Internet, in order to perform unauthorised banking transactions.

These e-mails are purportedly from banks, asking consumers to update their personal particulars including information on their bank accounts, online banking user names and passwords, said MAS.

Some of these e-mails also claim that it is a MAS requirement for bank customers to do so. MAS said: "Customers who receive such e-mails should not follow the instructions of the senders and should report them promptly to their banks."

Financial institutions are expected to take action to protect consumers, and promptly alert customers of any phishing activity and remove websites that target their customers. Those who suspect their user names, PINs or security tokens have been compromised, or if they identify suspicious activities on their accounts, should contact their banks immediately, MAS added.

Charmaine Ng

A version of this article appeared in the print edition of The Straits Times on May 07, 2018, with the headline 'Be wary of e-mails asking for bank account info: MAS'. Print Edition | Subscribe