CONCERNS are mounting following the recent phishing scams involving Singapore’s second largest bank Oversea-Chinese Banking Corp (OCBC), with industry observers noting that such cases are set to go up here as well.
To be sure, with the increasing use of digital banking, such predictions and fears are justified.
Cyber security firm Systech Bhd
chief executive officer Raymond Tan says that such scams are not country-limited.
“It can happen everywhere, not only in Singapore, all of us may have received or will at some point, receive similar messages trying to scam us of our money, whether it’s via SMS, email or WhatsApp,” he says.
Tan, whose company tracks suspicious activity online and counts banks as some of its main clients says scams involving banks and other organisations here for that matter, will continue to rise but digital banking technology adoption should not be blamed.
“New technology and businesses always come with new risks but that doesn’t mean we shouldn’t embrace new technology.
“The Risk Management in Technology guidelines from Bank Negara do address such new…
