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SCAM ALERT: Be Cautious of Suspicious Financial Offers from Overseas
A recent warning has been issued by the Monetary Authority of Singapore (MAS) regarding a surge in online banking scams targeting local residents.
Online Banking Scams: The Threat
Scammers are using fake investment opportunities and unverified financial entities based outside of Singapore to dupe unsuspecting victims into revealing sensitive financial information. Once they have this information, they use it to carry out fraudulent transactions, causing financial losses for their victims.
The scammers often pose as representatives from reputable organizations, claiming that a high-return investment opportunity is available. They may also threaten to escalate the matter to the police if the victim does not cooperate.
How to Protect Yourself
To avoid falling prey to these scams, residents are advised to be vigilant and follow strict security protocols when conducting online banking transactions.
4 Ways to Protect Yourself
- Verify before you click: Never click on links from unfamiliar emails or SMSes without verifying their legitimacy.
- Update your particulars: Ensure that your bank has your latest contact information to receive timely transaction notifications.
- Use secure authentication methods: Use digital tokens, one-time passwords (OTPs), or other secure authentication methods to verify transactions.
- Monitor your accounts closely: Regularly check your account activity and report any suspicious transactions to prevent losses.
Additional Measures
DBS Bank has announced that it will no longer send non-essential SMSes with clickable links to its customers, starting January 22. The bank will only send essential messages related to security notifications, OTP authentication, and trade updates.
Residents are also advised to familiarize themselves with common signs of scams and report any suspicious activity to the authorities immediately.
Stay Safe Online
The Monetary Authority of Singapore (MAS) is working closely with banks to enhance online banking security measures. To learn more about how to protect yourself from online scams and stay updated on security alerts, visit the DBS website or consult with your bank’s customer service hotline.
Remember, it’s always better to be safe than sorry when conducting online transactions. Stay vigilant and take steps to safeguard your financial information today!