Singapore

MAS warns of phishing scams targeting bank account info

Be wary of e-mails asking for sensitive information related to bank accounts, the Monetary Authority of Singapore (MAS) warned consumers in a statement yesterday.

MAS said consumers should "exercise utmost caution" when dealing with such e-mails, as it has seen a rise in the number of phishing attempts over the past week.

These e-mails are purportedly from banks, asking consumers to update their personal particulars including information on their bank accounts, online banking user names and passwords, said MAS.

Some of these e-mails also claim it is an MAS requirement for bank customers to do so.

MAS said: "Customers who receive such e-mails should not follow the instructions of the senders and should report them promptly to their banks."

Financial institutions are expected to take action to protect consumers and promptly alert customers of any phishing activity and remove websites that target their customers.

Those who suspect their user names, PINs or security tokens have been compromised, or if they identify suspicious activities on their accounts, should contact their banks immediately, MAS said. - CHARMAINE NG

BUSINESS & FINANCE