SINGAPORE - Recent SMS phishing scams affecting local banks and consumers in Singapore may dent public confidence in digital banking transactions in the near term, but financial sector and cyber-security players believe that improved security processes will go some way in restoring consumers' faith.

Last week, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) introduced stricter measures for banks to put in place within the next fortnight, in response to the recent spate of scams targeting bank customers.