Additional Verification Required to Curb Rising Phishing Scams

SINGAPORE – In response to an increase in phishing scams involving mobile wallets, Singapore’s major card-issuing banks are introducing enhanced security measures to protect customers. The Association of Banks in Singapore (ABS) announced on Monday (Feb 17) that these measures prevented losses of S$53.9 million in the last quarter of 2024.

The scams involve fraudsters tricking victims into providing their card details and SMS one-time passwords on phishing websites. This allows scammers to authenticate the addition of stolen debit or credit cards to mobile wallets such as Apple Pay, Google Pay, and Samsung Pay. Once the cards are linked, the scammers use the mobile wallets to make unauthorised transactions.

To combat this, banks have upgraded their fraud surveillance systems and are set to introduce additional verification steps by July 2025. These measures will include in-app controls and digital token authentication to authorise the addition of cards to mobile wallets. Banks will also actively monitor and remove cards from mobile wallets if suspicious activity is detected.

ABS urged customers to stay alert and recommended setting low notification thresholds for card transactions. Customers are also advised to contact their banks immediately if they notice any unauthorised card usage.

These enhanced security measures aim to protect consumers from evolving cyber threats and safeguard digital transactions. The banking sector remains committed to investing in advanced technologies to enhance payment security and maintain customer trust.