Singapore, 8 August 2023… MAS strongly supports banks' initiatives to bolster the security of digital banking.

2. MAS has been working closely with banks to introduce measures to address the risks associated with malware-related scams, which an increasing number of customers have fallen prey to.

3. OCBC’s latest security feature aims to address the dangers of downloading applications from unauthorised sources, as these may contain malware. It is in the nature of new innovations that they may cause unintended inconveniences. MAS will work with the banks to learn from these experiences and continually enhance their security features.

4. The Association of Banks in Singapore will continue to review the existing suite of anti-scam measures for effectiveness and wider relevance as the scam landscape evolves. Security measures will come with some measure of added inconvenience for customers, but they are necessary to maintain security of and confidence in digital banking. Coupled with a vigilant and discerning public, robust security measures will help us strengthen our defence against scams.

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