Singapore-based MariBank has recently introduced new security features within its mobile app to safeguard customers’ cards from phishing attempts related to digital wallets.

Phishing Challenges in Singapore

Recent data indicate a rise in phishing incidents across Singapore. In 2024, the Singapore Police Force documented an increase not only in the number of reported cases but also in financial losses, which exceeded USD 59.4 million. These scams often involve fake online shops or deceptive links that prompt users to share their card information and One-Time Passwords (OTPs), potentially linking these details to digital wallets for unauthorized transactions.

Enhanced Security Measures by MariBank

In response, MariBank has implemented an additional verification step after receiving the SMS OTP. This new measure aims to confirm that customers are fully aware and explicitly approve any card linking to a digital wallet, thereby preventing scammers from unauthorized use of linked wallets.

Additionally, MariBank offers Money Lock, a feature allowing users to secure a portion of their funds, providing an extra layer of protection. Even if a scammer gains access to the account, these locked funds cannot be transferred without additional verification steps.

MariBank’s Commitment

Representatives from MariBank have highlighted the bank’s dedication to protecting its customers’ financial data and assets. Through these enhancements, developed in collaboration with relevant authorities, they aim to stay ahead of fraudulent activities while ensuring user peace of mind during digital transactions.