DBS has announced new anti-scam security measures which will enhance customer protection amid fast-evolving scam and fraud tactics. These include:
- Enhanced measures to protect customers from falling prey to malware scams: The bank’s new anti-malware tool prevents scammers from fraudulently logging into customers’ digibank accounts by restricting access to the banking app when it detects potential security risks. When a customer logs into DBS/POSB digibank on his or her device, the tool will restrict access to the banking app if it detects the presence of malware or malicious applications, apps downloaded from unverified app stores (side-loaded apps) with accessibility permission enabled, or ongoing screen-sharing/mirroring on the device.
Customers will not be able to access DBS/POSB digibank until they have taken the necessary steps to secure their phones. As with all the bank’s security features, customers can be assured that the new anti-malware capabilities do not monitor phone activity, nor do they collect or store any personal data, DBS informed via a statement.
- Launch of ‘security checkup’’ dashboard: This is the latest addition to the bank’s arsenal of self-managed security controls, empowering customers to proactively safeguard themselves. Through this dashboard, customers can easily view and track key security settings within DBS/POSB digibank, and take the recommended actions to protect themselves from being scammed or defrauded. The security checkup dashboard serves to inculcate in customers the habit of regularly reviewing their security settings.
Han Kwee Juan, Country Head, DBS, Singapore, said in the statement, “These new measures enhance customer protection against today’s fast-evolving scam tactics and further bolster our strong multi-layered defence. We recognise that certain measures may add some friction to the customer journey and seek their understanding that they are necessary to ensure that they can perform digital transactions on a secured platform with peace of mind. As we intensify efforts to protect our customers, we are also empowering them to take proactive steps in safeguarding themselves through our self-managed security features, including the new ‘security checkup’ dashboard. We believe heightened vigilance is crucial in our combined efforts to combat scams and fraud.”
DBS/POSB has been continuously sharpening its measures in line with evolving scam and fraud typologies. These new measures add to existing safeguards, including surveillance and monitoring systems, enhanced by the use of Artificial Intelligence (AI) and Machine Learning (ML), added the statement.
The bank also has, in place, a robust anti-scam awareness programme to raise public vigilance on the latest scams and fraud. This includes ongoing partnerships with government bodies such as Singapore Police Force and Infocomm Media Development Authority to create anti-scam educational content. In addition, the bank has organised over 150 digital literacy workshops reaching out to more than 26,000 participants, as part of efforts to bolster digital readiness and vigilance within the community, the statement concluded.