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SINGAPORE: Mr Ravi Menon, who heads the Monetary Authority of Singapore , the country’s central bank, acknowledged that authorities are “very concerned” about malware scams. These recent fraudulent schemes have been in the news after many have been victimized, with some losing even their life savings after inadvertently downloading infected files that allowed scammers access to their personal data and/or banking credentials.
Malware scams were once practically unheard of, but in the past few months, more and more incidents of this type of fraudulent scheme have been reported in the news. The police have said that there have been over 1,400 people who have fallen prey to malware scams, with total losses of at least S$20.6 million in the first eight months of the year, with nearly half taking place just in July and August.
Malware scams are not part of this shared responsibility framework. I know people will be disappointed with this but … we need to get the right approach towards such scams before we can put it in the framework.”
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