There have been 477 instances of banking associated phishing scams involving PayNow transactions in 2021 with a median lack of S$3,400, in accordance with statistics from the Singapore Police Pressure.
Tharman Shanmugaratnam, Senior Minister and Minister accountable for the Monetary Authority of Singapore (MAS) stated that the instances stood at 133 with a median lack of S$1,200 within the first half of 2022.
These unauthorised transactions have been perpetrated by scammers who had deceived financial institution prospects into giving them their digital banking credentials.
The 2 rounds of anti-scam measures introduced by MAS and the Affiliation of Banks in Singapore in January and June this 12 months is claimed to have strengthened safeguards towards unauthorised banking transactions, together with when such transactions are effected by way of PayNow.
For example, the default transaction restrict set at S$5,000 or decrease and the default transaction notification threshold set at S$100 or decrease apply to PayNow transactions as properly.
Banks have additionally been adapting their anti-scam defences in response to new assault patterns, for example, by briefly decreasing the PayNow restrict to thrust back assaults which may be directed at PayNow customers.
MAS stated that it continues to work carefully with the trade to evaluation and improve the suite of anti-scam measures.
