Asian Banks Warned of New Phishing Attacks
ASIAN BANKS have been warned they could be the next targets of major phishing attacks and intrusions by hacking gangs, which have focused on European financial institutions in recent months.
The warning has been given by the Monetary Authority of Singapore’s director, technology risk supervision, Tony Chew, during an address to the American Chamber of Commerce luncheon in Singapore entitled ‘Effective Strategies for Internet Banking Security – Online Risk Mitigation’.
Chew highlighted the success of two factor authentication (2FA) – involving consumers using electronic token to generate random access codes - which the Singapore Government and some major banks had introduced to increase security and consumer confidence when they access bank websites for investment, business and personal banking transactions.