pAll throughout the year, scams continued to rank high on Singapore’s list of major concerns. In 2023, there were several reports of phones being hacked and people losing their hard-earned savings.
All throughout the year, scams continued to rank high on Singapore’s list of major concerns. In 2023, there were several reports of phones being hacked and people losing their hard-earned savings.
This is why the proposed Shared Responsibility Framework by Monetary Authority of Singapore and the Infocomm Media Development Authority was a commendable move. Authorities are now holding banks and telcos accountable for stronger cyber defences against phishing scams. Hene, organisations need to adopt an automated geo-compliance solution that can bend with the dynamic mobile app ecosystem. In addition to maintaining compliance with industry or in-country regulations, geo-compliance can defend against bad actors falsifying location information, from malicious proxies or VPN. This is a common technique used in love scams where malicious actors pretend to be stuck in a foreign country and require desperate financial help from their victims.
App makers therefore need to update their customers with the latest security threat information and, in some situations, give them the freedom of choice to respond to these matters. These can be done via in-app pop-up notifications.
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