Customers of DBS and POSB can keep receiving the same rate on their fixed deposits and frozen savings. DBS has observed a 15% monthly rise in the number of clients locking their funds since the introduction of Digi Vault over a year ago.
Now we will discover DBS’s top strategies for scam prevention. DBS has also implemented advanced cybersecurity measures to protect its customers’ data and funds, such as multi-factor authentication and real-time monitoring of transactions. Additionally, the bank regularly collaborates with industry experts to stay ahead of emerging digital threats and provide timely updates to its customers.
Enhancing the avoidance of scams with new technology
These days, scammers use cutting-edge technologies, such as chatbots driven by artificial intelligence (AI) and deepfake videos, to fabricate identities that seem real and disseminate false information on messaging apps and social media. Scammers can now create perfect communications thanks to AI technologies like ChatGPT, which do away with the bad grammar that used to be a dead giveaway of fraud.
These same tools, nevertheless, can also be used to fight fraud. DBS is using artificial intelligence (AI) and machine learning (ML) as part of its multi-layered defence plan to safeguard customer accounts.
DBS’s fraud monitoring systems, which are driven by AL/ML algorithms that are updated and improved on a regular basis, examine millions of transactions every day in order to spot unusual activity. As soon as an irregularity is found, DBS’ anti-scam team flags it for additional examination.
AI/ML systems provide faster and more scalable threat detection than conventional fraud protection techniques that depend on preset rules and human calibration. These systems are perfect for managing significant numbers of transactions and staying ahead of emerging threats since they analyse information in real time and adjust to changing fraud strategies.
DBS can develop a more resilient and flexible method of spotting questionable activity by combining machine learning (ML) with current controls.
A collective responsibility
Avoiding falling for scams in the very first place is ultimately the best defence against them. Although technology-based controls offer useful protections, consumers still need to be vigilant in identifying and addressing such risks.
Customers can take the crucial initial steps in protecting their online safety by adopting sound cybersecurity practices and keeping up to date on typical scams and social engineering techniques.
Among the improved safeguards are those that would shield clients from virus scams.
Through the new Security Checkup dashboard, DBS/POSB Digibank customers can improve their online security.
Improved safeguards against consumers becoming victims of malware scams: When the bank’s new anti-malware tool identifies any security threats, it blocks access to the banking app, preventing scammers from fraudulently accessing customers’ Digibank accounts.
The tool will block access to the banking app when the consumer logs into DBS/POSB digibank on their device if it finds that:
a) there is malware or malicious apps on the device;
b) apps were sideloaded from unreliable app stores with accessibility permission enabled;
c) the device is continuously screen-sharing or mirroring.
Until customers have taken the required precautions to safeguard their phones, they will not be able to access DBS/POSB Digibank. Customers may be confident that the new anti-malware measures, like all of the bank’s security features, do not track phone usage or gather or store any personal information.
Launch of the Security Checkup dashboard: This is the newest tool in the bank’s self-managed security control toolbox, enabling users to take preventative measures to protect themselves. Customers can quickly examine and monitor important security settings in DBS/POSB digibank using this dashboard, and they can follow the suggested steps to avoid being conned or cheated. Customers can develop the habit of routinely checking their security settings by using the Security Checkup dashboard.
These new steps strengthen DBS’s robust multi-layered defence and better safeguard consumers from today’s rapidly changing scam methods. We acknowledge that some steps may make the customer experience more difficult, but we want them to realize that these steps are essential to ensuring they can conduct digital transactions over a secure platform with confidence. With the help of self-managed security technologies like the new Security Checkup dashboard, customers may now take proactive measures to safeguard themselves and step up their efforts to do so.
DBS/POSB has been continuously refining its processes in response to evolving scam and fraud typologies.
These new precautions supplement already-existing ones, such as monitoring and surveillance systems that are improved through the application of AI and machine learning.
To increase public awareness of the most recent frauds and scams, the bank has also put in place a strong anti-scam awareness program. This includes continuing collaborations to produce anti-scam instructional materials with governmental organizations including the Infocomm Media Development Authority and the Singapore Police Force. In an effort to increase community awareness and preparedness for digital threats, the bank has also conducted more than 150 courses on digital literacy, with over 26,000 attendees.
Disclaimer:
CBD:
Qrius does not provide medical advice.
The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) outlaws the recreational use of cannabis products in India. CBD oil, manufactured under a license issued by the Drugs and Cosmetics Act, 1940, can be legally used in India for medicinal purposes only with a prescription, subject to specific conditions. Kindly refer to the legalities here.
The information on this website is for informational purposes only and is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or another qualified health provider with any questions regarding a medical condition or treatment. Never disregard professional medical advice or delay seeking it because of something you have read on this website.
Gambling:
As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman, and Sikkim, prohibit gambling. Land-based casinos are legalized in Goa and Daman under the Goa, Daman and Diu Public Gambling Act 1976. In Sikkim, land-based casinos, online gambling, and e-gaming (games of chance) are legalized under the Sikkim Online Gaming (Regulation) Rules 2009. Only some Indian states have legalized online/regular lotteries, subject to state laws. Refer to the legalities here. Horse racing and betting on horse racing, including online betting, is permitted only in licensed premises in select states. Refer to the 1996 Supreme Court judgment for more information.
This article does not endorse or express the views of Qrius and/or its staff.
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