MAS warns against phishing emails, consumers to exercise caution

In response to the rising number of “phishing attempts” over the past week, the Monetary Authority of Singapore (MAS) has issued an advisory urging consumers to exercise utmost caution.

There have been incidents of emails purportedly from banks asking customers to update their personal particulars – including information on their bank accounts, online banking user names and passwords.

Some of the emails claim it is an MAS requirement for bank customers to do so, MAS said in a statement. Customers who receive such emails should not follow the instructions of the senders and should report them promptly to their banks.

They are also advised to be extra cautious when dealing with emails that request for sensitive information associated with their bank accounts. 

Photo courtesy: MAS
Photo courtesy: MAS

All financial institutions (FIs) are expected to take action to protect their customers. They should promptly alert their customers of any phishing activity and remove phishing websites that target their customers.

Consumers who suspect that their user ID, personal identification numbers (PIN) or security tokens have been compromised, or if they identify any suspicious activities on their banking accounts, should contact their banks immediately.

CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.


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