Technology and Cyber Resilience

Information Paper on the Cyber Risks Associated with Deepfakes

18 September 2025

In light of the recent surge in deepfake-related incidents affecting FIs globally, including impersonation scams and fraudulent activities, MAS published an information paper on "Cyber Risks Associated with Deepfakes". The paper aims to raise FIs’ awareness by providing a comprehensive overview of the emerging threats and risks posed by deepfakes, their potential impact on the financial sector, and possible mitigation measures that FIs could implement to address these evolving risks.

Technical Report on Proof-of-Concept Sandbox for Quantum-Safe Communications within the Financial Sector

29 September 2025

MAS, in collaboration with DBS, HSBC, OCBC, UOB, SPTel and SpeQtral, successfully completed a proof-of-concept sandbox to evaluate the use of Quantum Key Distribution (QKD) for secure communications in the financial sector. The sandbox also provided insights into the benefits and limitations of QKD solutions. Key findings from the technical report include QKD having the potential to strengthen the security of communication networks; the need for QKD providers and the telecommunications sector to continue strengthening QKD security assurance, and that more work needed to be undertaken to achieve greater interoperability between different QKD providers. The sandbox also highlighted the need for strong senior management support to build in-house competency and allocate sufficient budget and resources to work on quantum-safe initiatives.