The New Battlefield in Banking: Defending Against Phishing Scams

The Monetary Authority of Singapore (MAS) is tackling the rise in phishing scams by imposing tough security measures on banks. These include multi-factor authentication (MFA), real-time transaction monitoring using AI, and customer education to prevent sensitive information theft by deceptive methods. This proactive stance on digital banking security not only protects consumers but also maintains the financial industry’s integrity against sophisticated cyber threats. MAS’s holistic approach serves as a global benchmark within the financial sector, upholding Singapore's financial hub status. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: Finance Magnates | Financial and business news – FinTech