The Association of Banks in Singapore (ABS) has recently revealed that major retail banks in Singapore have bolstered their security protocols to address the growing complexity of cyber threats.

In its latest update, ABS disclosed that Singaporean banks have implemented advanced anti-malware security measures tailored to their specific customer base and systems. Furthermore, they plan to gradually introduce additional security measures to adapt to evolving threat landscapes.

In response to the escalating sophistication of cyber threats, these new anti-malware security measures within banking applications aim to safeguard customers while assisting banks in identifying potential malware on customers' devices. It's important to note that these measures do not engage in device surveillance. Instead, their primary purpose is to prevent unauthorized access to banking apps and to alert customers if any suspicious activity is detected.

Ho Hern Shin, the deputy managing director of the Monetary Authority of Singapore (MAS), emphasized the need for the industry to remain agile in countering evolving scam tactics. He also encouraged the public to stay vigilant by heeding scam advisories issued by both law enforcement agencies and financial institutions, enabling everyone to stay informed about new scam techniques and take necessary precautions for their protection.