New Security Measures by DBS and UOB to Protect Customers from Malware Scams
DBS and UOB have become the latest banks to implement security measures that restrict access if unverified apps are found on customers’ phones. This move comes after OCBC and Citibank introduced similar measures to combat the threat of malware scams. While the new security features have received mixed responses from banking users, DBS and UOB assure customers that their privacy is not compromised.
DBS Singapore Country Head, Han Kwee Juan, emphasized that the latest security features do not monitor phone activities, collect personal data, or store any information. The banks are solely focused on detecting known malware signatures or sideloaded applications. DBS has conducted extensive testing to strike a balance between security and user experience.
Mr. Lam, a representative from DBS, explained that the current prevalence of malware scams necessitates these security measures. However, the banks are open to revisiting the situation if the threat landscape changes over time.
UOB also reassured customers that their new security features do not monitor phone activities or collect personal data. These measures are essential to enhance security and protect customers from malware scams, according to Mr. Ng.
In addition to the app restrictions, DBS has introduced a new security check-up dashboard. This feature encourages customers to regularly review their security settings on the banking app. Currently, the dashboard focuses on strengthening core security accesses and will expand to include more security features in the future.
DBS has been actively rolling out self-managed security controls to empower customers in safeguarding their online security. For instance, the payment control features introduced in 2021 allow customers to set spending limits and indicate preferences for cash advances and overseas transactions. Nearly half a million DBS and POSB customers have utilized these payment control features.
The banks are continuously refining their security measures to combat evolving scam and fraud typologies. The new measures announced by DBS and UOB will complement existing safeguards, including surveillance and monitoring systems.