Mobile banking fraud in Singapore triples in under two years
After malicious software targeting Android smartphones enabled hackers to steal thousands of dollars from 50 mobile banking users, the Association of Banks in Singapore (ABS) issued a warning about the fake link that tricked users into updating their WhatsApp software or battery management module; the method used to steal their banking credentials. In less than two years, online fraud has tripled, from 510 cases in 2013 to 1659 cases last year, and a survey from security firm Norton indicated that Singaporeans lost over half a million dollars in the past year alone. Although reports have widely lauded mobile payment technology as being just as secure, if not more so, than card payments, incidents such as this may slow the growth rate of these new services.

Mobile banking users in Singapore have lost thousands of dollars after they fell victim to malicious software targeting Android smartphones.

The Association of Banks in Singapore (ABS) yesterday issued a warning against the malicious program, hidden in a pop-up window that prompts users to update their software.

Some 50 mobile customers of major retail banks here reported losses of up to "several thousand dollars" after clicking on the dubious link, prompting ABS to issue the warning.

"ABS would like to remind mobile banking customers that smartphones are as susceptible to malware as desktop computers or laptops," said Mrs Ong-Ang Ai Boon, director of ABS.

"Now, criminals have turned to targeting Android phone users... as banks are pushing out more banking apps for user convenience."