Singapore-based banks, United Overseas Bank (OTC:UOVEY) (UOB) and DBS, have announced the implementation of new security features in their banking apps in an effort to protect customers from malware-enabled scams. This move comes as a response to a significant increase in scam cases reported in the first half of 2023.
UOB will be introducing two new security measures on its UOB TMRW banking app, starting Wednesday, as stated by Daniel Ng, Head of Group Compliance at UOB. The first feature will limit access to the app if any screen-sharing tools are detected on the user's device. Customers can regain access once they disable screen sharing on other apps. The second update will restrict access to the UOB app if it detects applications downloaded from third-party or unauthorized sites with risky permissions on the user's device.
These features aim to prevent customers from unintentionally sharing their mobile screens with scammers while using the banking app, thus mitigating risks and protecting customers' exposure to malware scams. Mr Ng assured customers that these new security measures do not monitor their phone activities or collect any personal data.
Similarly, DBS is also rolling out a new anti-malware tool on its DBS and POSB digital banking apps from September. The tool will restrict users' access upon detection of malware or apps with ongoing screen sharing or enabled accessibility permissions downloaded from unverified sources. Users will then receive a notification advising them to secure their device by disconnecting it from the Internet and deleting any suspicious apps.
The Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore have previously stated that banks have been working closely with government and law enforcement authorities to combat malware scams. The Director of ABS, Mrs Ong-Ang Ai Boon, emphasized in August how aggressive malware scams pose a serious threat to consumers.
These new measures come in the wake of an alarming 64.5% increase in scam cases reported from January to June 2023, according to police statistics. This represents a rise from 13,576 cases during the same period in 2022 to 22,339 cases.
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