‘Exercise utmost caution’ with phishing emails requesting bank account information: MAS

Posted by SGCS Admin, 07-05-2018

The Monetary Authority of Singapore (MAS) has advised consumers to “exercise utmost caution” when dealing with emails requesting for sensitive information related to their bank accounts.

In an advisory issued on Sunday (May 6), the MAS noted that there had been an increasing number of “phishing attempts” over the past week. The emails were purportedly from the banks requesting customers to update their personal particulars, which included information on their bank accounts, online banking user names and passwords.

“Some of the emails claim it is an MAS requirement for bank customers to do so,” said the financial regulatory authority in its advisory.

“Customers who receive such emails should not follow the instructions of the senders and should report them promptly to their banks.”

Financial institutions are expected to take action to protect their customers, added the MAS. Customers should be alerted promptly of any phishing activity, and phishing websites that target customers should be removed.

It also advised consumers to contact their banks immediately if they suspect that their user ID, personal identification numbers (PIN) or security tokens have been compromised, or if they detect suspicious activity on their banking accounts.

Just last week, local bank DBS posted a notice on its website to warn customers of a fake POSB website that was designed to steal customers’ data in order to perform fraudulent transactions.

A screenshot on its security alert on the website showed the fraudulent email customers might receive. The bank also said that such phishing sites were designed to steal customers’ details, as well as PINs and one-time passwords, and that DBS and POSB internet banking customers were at risk.

In order not to fall prey to such schemes, DBS said that customers should check that they are using the official DBS or POSB websites, which would contain a padlock icon in the address bar of the web browser.

Customers should never reply to unsolicited emails, and they are encouraged to use the latest version of internet browsers available, added the bank.

For more tips to guard against phishing activities, refer to the MoneySense website: http://www.moneysense.gov.sg/Understanding-Financial-Products/Banking-and-Cash/Things-to-Watch-Out-for/Phishing.aspx

Source: https://www.todayonline.com/exercise-utmost-caution-phishing-emails-requesting-bank-account-information-mas