COMBATING PHISHING AND
While technological developments have led to greater
convenience and efficiency for customers, internet security
threats are also on the increase.
Phishing and spyware are among the most prevalent security
threats to internet banking and other online financial
services. Phishing usually makes use of unsolicited
e-mails and fraudulent websites to trick bank customers
into disclosing their personal details. Spyware is more
subtle. Usually disguised as internet utilities, games
and multi-media files, spyware is often installed unwittingly
by the victims themselves.
Given the prevalence of internet security threats, MAS
has issued security guidelines and advisories to financial
institutions to advise them to improve their security
controls on internet channels. They have also been encouraged
to strengthen their online verification procedures by
adopting two-factor authentication. Customers have also
been advised to take extra security precautions.