Singapore: Adopted Security Measures to prevent SMS-Phishing scams in Digital Banking announced

On 19 January 2022, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced a new set of measures to improve security in online banking. Specifically, SMS-Phishing scams are to be prevented by the newly implemented measures. The measures will require financial institutions to have procedures in place to detect and prevent scams. Other measures require banks to no longer send clickable links. Furthermore, alteration of key personal information for use of online banking services must be subject to additional authentification.