MAS to combat tech-enabled scams like deepfake calls and unauthorised bank transactions

SINGAPORE – Tactics employed by scammers are constantly evolving and becoming more sophisticated, and now include the use of deepfake audio and video calls in scams involving unauthorised bank transactions, Parliament heard on Monday.

Minister of State for Trade and Industry Alvin Tan said the Monetary Authority of Singapore (MAS) aims to strengthen Singapore’s defence against such scams by working with banks to allow customers to verify if the calls are genuine, among others.

He added that banks are also planning to expand the use of biometric technology in addition to passwords and one-time-passwords (OTP) as a means of authentication.

Biometric technology uses physical characteristics unique to an individual, such as fingerprints or facial recognition, to verify their identity.

For those who have already fallen victim to such scams, MAS expects banks to treat customers fairly in disputes over unauthorised transactions.

Mr Tan said: “The banks must consider whether they have fulfilled their obligations and whether customers have done their part to protect their accounts. Depending on the outcome of the bank’s investigations, they may offer goodwill payment to customers.”

If they wish to, customers may also lodge the dispute with the Financial Dispute Resolution Centre for mediation and adjudication. If they are not satisfied with the outcome, they can also consider seeking legal advice on whether to pursue the case in court.

When customers suspect that they have fallen for a scam or are alerted by the bank to an unauthorised transaction involving their accounts, they should immediately contact the bank or activate the kill switch that the banks provide to freeze their accounts. They should also report such fraudulent activities to the police.

Members of the public can also play their part to prevent such scams from occurring. They should install ScamShield and should not divulge internet and banking credentials or passwords to anyone.

The ScamShield app enables incoming calls from unknown numbers to be checked against a database maintained by the Singapore Police Force. These numbers will be blocked if ScamShield determines the number has been used for scams.

Mr Tan stressed: “Be suspicious of unsolicited messages or calls that you receive and also verify calls received by calling the bank directly on the hotline listed on the official websites.”