Improvements in digital banking security will restore customers' faith: Experts

The new measures include removing clickable links in SMSes or e-mails and cooling-off periods for changes to account details PHOTO: ST FILE
New: Gift this subscriber-only story to your friends and family

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.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.