MAS managing director Ravi Menon noted that the threat of scams will not go away but “we can reduce our vulnerabilities”.
“This requires a multi-pronged response across the ecosystem,” he said.
He added that MAS, together with the police, IMDA and other relevant Government agencies, is working with stakeholders to “strengthen our collective resilience against scam attacks”.
“We will ensure that digital banking remains secure, efficient, and trusted,” he said.
The announcement comes after hundreds of OCBC Bank customers fell prey to online phishing scams last month, losing a total of at least S$8.5 million.
The scam involved unsolicited SMSes claiming there were issues with the user’s bank accounts, asking them to click on a link to resolve the problem.
Upon clicking, the user would be redirected to a fake bank website and asked to key in their iBanking account login details. They would find out they had been scammed when they received notifications informing them of unauthorised transactions charged to their bank accounts.
OCBC Bank said on Monday that it has begun making “goodwill payouts” to affected customers.
It added that it has since set up a dedicated support team for the victims and has reached out to those affected to address their concerns.
On Wednesday, DBS Bank also issued a warning to customers that scammers are “actively targeting” them via suspicious login alert messages.
