March 27, 2024

In brief

Singapore authorities are looking to address the recent spate of SMS-phishing scams targeting digital bank users through a variety of measures. The multi-stake holder approach involves government entities with responsibilities for the financial, telecommunications and home affairs sectors, as well as industry groups such as the Association of Banks in Singapore (ABS).

Some of the recent key developments are set out below.


  • The Monetary Authority of Singapore (MAS) and the ABS are looking to introduce more robust measures for banks in Singapore to put in place to bolster the security of digital banking
  • The Info-communications Media Development Authority (IMDA) may require telecommunication companies, banks, and SMS aggregators in Singapore to register with the Singapore SMS SenderID protection registry
  • The ScamShield app, developed by the National Crime Prevention Council (NCPC) and the Government Technology Agency, is another avenue for consumers to seek protection from scams
  • MAS has not yet issued a notice or circular on the issue and there may be further updates in the future

Recent SMS-phishing scams

There has recently been a spate of SMS-phishing scams, targeting, in particular, customers of banks.

In late 2020, malicious actors diverted and used SMS one-time passwords (OTPs) to perform fraudulent credit card transactions worth SGD 500,000 and affecting 75 bank customers.1

More recently, in December 2021, nearly 470…

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