Singapore-based MariBank has announced the launch of new in-app safeguards to protect customers’ cards against phishing scams involving digital wallets.
Considering that phishing continues to be a challenge for Singaporeans, MariBank aims to support individuals and protect them by introducing new security measures in its app. The bank focuses on supporting the banking needs of digital natives and small businesses across the region by providing optimal banking products.
Singapore’s phishing issues
In 2024, the Singapore Police Force reported a significant increase in phishing scams, with both the total number of cases and the total amount lost reaching at least USD 59.4 million. Scammers leverage fake ecommerce sites or phishing links to trick victims into offering card details and One-Time Passwords (OTPs). By using these tactics, scammers can link a victim’s bank card to their digital wallets, which allows them to make unauthorised transactions utilising a compromised digital wallet.
To mitigate this threat, MariBank rolled out an in-app verification step after the SMS OTP. With this additional layer of verification, the bank aims to ensure customers are fully aware of and clearly authorise the linking of their card to a digital wallet. This stops scammers from adding the card to their digital wallets.
More features from MariBank
As part of its commitment to supporting the safety of its customers, MariBank has also launched Money Lock, a new capability that enables customers to lock up a portion of their funds. This facilitates an additional layer of protection, as the locked funds cannot be transferred out without extra verification, even if a scammer obtains access to a customer’s account.
Commenting on the news, representatives from MariBank emphasised the financial institution’s commitment to protecting its customers’ money and information. With these new safeguards, developed in collaboration with authorities, the bank intends to stay ahead of bad actors. Additionally, MariBank seeks to continue to advance its capabilities and introduce features that give customers peace of mind when conducting digital banking operations.
