BANK SCAMS
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Scrap SMS use in wake of rising scams, banks urged
Better to use hardware or digital tokens for OTP generation or authentication solution that doesn't require users to input OTP
Published Thu, Jan 13, 2022 · 09:50 PM
Singapore
RISING SMS-related banking scams continue to expose a damaging weakness in Singapore's cybersecurity infrastructure, one that remains challenging to pinpoint exactly where given the hyper-connectedness of our networks today.
Banks, telcos, payment providers and government agencies all have some part to play in beefing up their own systems, experts said, calling for stronger cooperation within the industry as well.
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