Upholding online safety is a continuous task, since scams are always evolving. It involves a constant race between the authorities, service providers and bad actors to keep up with new exploits and vulnerabilities; it also requires online banking customers to stay informed and vigilant.

According to a Fidelity Information Services (FIS) consumer survey in 2024, security was the top-of-mind concern for online banking customers. More than half of respondents believed that bank fraud was on the rise, with millennials experiencing the bulk of it and boomers being the least affected.

So what have the authorities done to address these concerns?

How the Monetary Authority of Singapore keeps digital banking safe

The Monetary Authority of Singapore (MAS) has implemented several regulatory changes over time in response to the changing digital landscape, with others to come in time. 2022 was a big year in scams, with scam victims losing $660.7M in total and phishing scams being the most commonly encountered type of scam.

In 2022, the MAS mandated that all clickable links must be removed from SMSes.
The MAS also called for banks to impose a default transfer limit of $5,000.
A 12-hour cooldown for the activation of new soft tokens was also implemented.
Banks were also made to notify customers whenever there is an attempt made to change their contact details.
The MAS expects banks to implement a real-time fraud detection system by the middle of 2025. This will enable banks to tackle phishing attacks and block transactions when the system detects suspicious activity.
SingPass Face Verification (SFV) is also expected sometime this year. It will be used by retail banks to set up digital tokens, and will be triggered by higher risk scenarios.

If you regularly perform online banking in Singapore, you can expect your financial institution to have all of these measures in place—or that they are busy testing them so they will be ready for deployment as soon as possible.

>> MORE: Protect yourself from credit card fraud on your travels

SingSaver Tips

More than half of scam victims in 2022 were young adults. Learn these tips to prevent credit card fraud from happening to you.

Ways to protect yourself when banking online

Although the headlines regarding scams may seem neverending, don’t let them alarm you. There are still steps you can take to protect yourself when banking online. Here are some of them:

Beware of links or attachments sent via unsolicited emails or SMSes. They could lead to phishing sites or attempt to install malware on your phone.
Enable transaction alerts via email or SMS for amounts as low as $0.01, so no transaction ever escapes your notice.
Stay on top of the news. DBS and POSB frequently updates their Security Alerts & News section with detailed breakdowns of the latest scams, what they look like and how they operate. UOB also publishes alerts and announcements relating to new ways you can safeguard your online banking experience, while OCBC also has a security advisory page filled with tips on how to avoid scams.

>> MORE: Is it safe to make credit card payments over the phone?
Never put off software or security updates for your phone or computer, to prevent fraudsters from exploiting known vulnerabilities. This also applies to your web browser of choice!
Guard your information. Never disclose your digibank login details to anybody, or register the biometrics of anybody other than yourself on your device.
Only install applications from official sources like the Apple App Store or Google Play Store, as unverified installations may come with unwelcome guests like malware.
Avoid using public or shared devices for banking purposes, as their security status cannot be verified.
Avoid logging into any accounts containing sensitive data over public WiFi networks. Activate 2FA verification as an added layer of security.

>> MORE: Disputing fraudulent credit card transactions

Known risks of online banking

With a record loss suffered by scam victims reaching $1.1B in 2024 and a quarter of those losses stemming from cryptocurrency scams, it can seem more challenging than ever to stay safe online. But that doesn’t mean you should abstain from the everyday conveniences that online banking provides. You can still bank when and as it’s convenient for you, by not letting down your guard and heeding the latest security advisories from reputable news outlets and your bank of choice.

>> MORE: How does credit card fraud happen in Singapore?

Is online banking still safe?

Online banking is a rapidly changing landscape, with security updates coming in fast and furious to repel ever more sophisticated scams. Still, online banking can be as safe as banking over the counter in the old days thanks to personal vigilance and nationwide initiatives designed to protect us all. For instance, the Shared Responsibility Framework established in late 2024 by the MAS and the Infocomm Media Development Authority (IMDA) was made to strengthen the protection of customers against phishing scams. Banks, major payment providers and telcos may be held liable if they do not abide by the newly established security measures for safeguarding customers’ accounts.

For example, if a customer’s account balance is being rapidly drained by a scammer, the bank must notify the customer and block the transaction, or hold the transaction for 24 hours while it tries to reach the customer. Under a waterfall approach denoting cascading levels of responsibility, banks will be first in line to bear full losses, followed by telcos and finally, the consumer.

Another way to stay informed about scams is to learn common scammer techniques. A scammer impersonating a bank or government official may tell you that there have been unauthorised login attempts or transactions. They might then lead you to a phishing website where you inadvertently give them sensitive data. This allows them access to details that can help them hijack your accounts.

>> MORE: How to avoid being scammed when taking out a personal loan

Frequently asked questions on online banking & safety

Is online banking safe on iPhone?

Yes, as long as your device is up to date. Along with deploying software updates and software upgrades, Apple also issues Rapid Security Responses (RSR), a type of software release meant for applying security fixes. But because they are only delivered to the latest versions of iOS, the operating system must be on its latest version for this to work. You can access your Software Update page through the Settings app, by tapping on General and then Software Update.

Keeping your device up to date is also important for the security of Android users.

Is it safe to use online banking on public WiFi?

Public WiFi is everywhere, you’ll see free-to-use WiFi networks around cafés, schools and airports. But should you use these unsecured networks for online banking? The answer is no. Though convenient, these networks may be lacking in security measures and updates. Maybe it’s an unencrypted network, which means anybody can access your traffic. Or maybe it’s a malicious hotspot disguised as something innocuous, like a Starbucks network that looks like a Starbucks network but is in fact set up by cybercriminals. There’s just too many ways for things to go wrong.

Which browser is safe for online banking?

Has your web browser been begging you to update it for the last 3 months? If so, put it off no longer. Web browser updates often consist of security patches made by software developers and cybersecurity experts, in response to the latest known threats and vulnerabilities. Your browser’s job is to protect you while you’re online, so why not help it keep you safe? While you’re online, don’t forget to scrutinise what you’re actually downloading—to prevent falling prey to malicious browser extensions capable of stealing information and controlling infected devices.