MAS reminds FIs to be on alert for fraudulent fund transfers
It sends financial institutions a list of measures to beef up security, including on the use of SWIFT platform
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Singapore
THE Monetary Authority of Singapore (MAS) has issued an advisory to remind financial institutions (FIs) to remain vigilant, following recent reports of cyber incidents overseas, where attackers have attempted fraudulent fund transfers using the SWIFT telecommunications system, through which trillions of dollars move in financial transactions daily.
MAS' chief cyber security officer Tan Yeow Seng said: "The recent cyber incidents present yet another reminder of the constant cyber threats to our financial sector. It is important for all financial institutions to be vigilant."
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