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Bank Cards Conversation
Singapore | 01 Oct 2023 - 31 Mar 2024
Social media users stressed vigilance against credit card fraud, advising regular statement checks, transaction alerts, site security awareness, and legal action if needed.
Share of Voice Bank Cards
N=4.3k
This chart shows the number of posts from the main search query that mentions specific bank cards and the % of conversations related to each type of card. Shares/Reposts are included. The % change in volumes is compared to the previous six months.
Vigilance and Prevention Techniques
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Credit card statement vigilance
People discuss checking credit card statements regularly to protect themselves against scammers who may start fraud by executing 1-2 small transactions every month.
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Credit card fraud alert: Unauthorized transactions and prevention tips
Reddit user discovered five unauthorized credit card transactions. Commenters stress regular statement checks, transaction alerts and being cautious with non-3D Secure sites.
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Avoid saving card details on websites
Forum user was defrauded via saved details on mobile service provider's site. Scammer deleted the account post-fraud. The victim advised removing saved details from the site and commenters recommended paying with digital wallets instead, thus bypassing the need for saving card details.
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Bank denies chargeback: Reddit user seeks advice
Reddit user seeks advice on unreversed stolen credit card amount. Bank refuses chargeback for physical transactions. Commenters suggest media outreach and legal assistance.
What People Are Saying
Bank Cards - Fraud Types Conversation
Singapore | 01 Oct 2023 - 31 Mar 2024
Discussions highlighted emerging scams like ‘formjacking’, hotel reservation scams, and SMS spoofing. Also, phishing scams on Facebook remain a major concern, with losses totalling S$1.8M.
Share of Voice Bank Cards - Fraud Types
N=1.4k
This chart shows the number of posts from the main search query that mentions specific fraud types within the bank cards conversation and the % of conversations related to each type of fraud. Shares/Reposts are included. The % change in volumes is compared to the previous six months.
Scam Types
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Credit cards fraud via ‘formjacking’
Tech company shares X tips to prevent credit card fraud before Christmas: caution about public Wi-Fi and awareness of "formjacking“, whereby cybercriminals inject malicious code into websites to capture information such as credit card details entered on online forms.
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Hotel reservation scam: Fake representatives sending phishing links
Scammers impersonated hotel representatives, tricking victims into providing personal and credit card details via fake reservation links.
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Phishing scams on Facebook and online marketplaces
"Forum users discussed S$1.8M in losses from Facebook and online marketplace phishing scams. Users debated victim susceptibility and severity of punishment. The article recommended prevention techniques like multi-factor authentication and reporting suspicious activities."
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Bank SMS spoofing scam
Forum users discussed victims being tricked by scammers spoofing bank SMS, resulting in 103 victims losing S$161K. The messages contained links leading to fake banking websites where victims were tricked into entering their usernames, passwords and One-Time Passwords. Shared prevention tips included verifying messages and avoiding online banking.
What People Are Saying
Bank Cards Conversation Over Time, Oct’23 to Mar’24
Credit cards dominated security discussions, as users shared fraud instances like denied chargebacks for stolen credit card changes and unauthorized debit transactions. Suggestions included regular statement checks and segregating debit accounts for protection.
Chart displays daily conversation volumes (including shares/reposts) on ‘Bank cards’ category query. This visualisation is used to identify key stories (either from the news or social media) that drove conversations and consumer interest.
Non-card Services Conversation
Singapore | 01 Oct 2023 - 31 Mar 2024
Conversations centered around a bank’s new security feature, criticism to malware responds, mobile banking safety tips, and police warnings against unverified software installation.
Share of Voice Non-card Services
N=3.7k
This chart shows the number of posts from the main search query that mentions specific non-card services and the % of conversations related to each type of service. Shares/Reposts are included. The % change in volumes is compared to the previous six months.
* Online banking refers to A2A (account to account) transfer using internet, including PayNow/Paylah
** Bank transfer refers to offline banking
** Bank transfer refers to offline banking
Vigilance and Prevention Techniques
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Bank’s new security feature sparks customer feedback
Bank introduces new security feature: three security questions for verifying user’s identity for online banking enterprise users. Comments highlight technical issues and customer service concerns.
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Bank’s alleged malware response criticized on Reddit
Reddit discusses bank's alleged lax response to S$10K fraud transfer complaint amid malware concerns. Suggestions include account freezing and better training of bank’s support staff.
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Mobile banking safety tips for online marketplaces
Forum users share mobile banking safety tips for online marketplace: avoid sharing email, watch for suspicious accounts and being cautious of links.
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Bank stops scam transaction; police warn against unverified software
Bank blocks large scam transaction, freezes scammer-controlled accounts. Police warn against installing software from unverified sources.
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Police and Banks Collaborate to Prevent Over S$69 Million in Scam Losses
Singapore's Anti-Scam Centre collaborated with four banks and used RPA technology to issue SMS alerts, preventing numerous scam victims from losing S$69 million.
What People Are Saying
Non-card Services - Fraud Types Conversation
Singapore | 01 Oct 2023 - 31 Mar 2024
Consumers discuss phishing scams, including a fake website mimicking a fast-food chain resulting in a S$27K loss, a Facebook ad phishing scam leading to a S$150K fraud, as well as mobile security vulnerabilities and payment scams on mobile banking apps
Share of Voice Non-card Services - Fraud Types
N=1.0k
This chart shows the number of posts from the main search query that mentions specific fraud types within the non-card services and the % of conversations related to each type of fraud. Shares/Reposts are included. The % change in volumes is compared to the previous six months.
Scam Types
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Phishing scam – Fake website and social media ads
Consumers discuss new phishing scam involving fake website mimicking top fast-food chain's website which resulted in a total loss of S$27K. Victims were tricked into placing orders and entering credit card details on these fraudulent sites. Company advises verifying website URLs, avoiding sponsored Google ads.
Reddit users discuss Facebook ad phishing scam targeting organic egg buyers to enter bank login details, resulting in S$150K fraud. Emphasis on public education to prevent such incidents. -
Forum debates mobile security: Android vs. iPhone vulnerability
Forum debates mobile security after a victim downloaded a malware file, raised concerns about Android's vulnerability compared to iPhones and emphasised user responsibility in preventing scams. Suggestions for enhanced bank security like physical tokens were discussed. Users emphasize personal responsibility and expect stronger bank protocols.
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Payment scam on mobile banking application
A forum user shared an experience of being asked for authorisation for a payment on their mobile banking app. They denied the payment and contacted customer service and were informed that it was likely a scam attempt. Commenters shared similar experiences.
What People Are Saying
Non-card Services Conversation Over Time, Oct’23 To Mar’24
Online banking saw spikes after a 68-year-old lost S$72K to a malware-infected app, debates on security methods, and the arrest of seven in SMS phishing scams, prompting calls for stricter penalties.
Chart displays daily conversation volumes (including shares/reposts) on ‘Non-card services’ category query. This visualisation is used to identify key stories (either from the news or social media) that drove conversations and consumer interest.
Singapore Frauds/Scams Related to Cyber Attacks, Oct’23 to Mar’24
Singapore | 01 Oct 2023 - 31 Mar 2024
Concerns about cyber attacks on banking customers prompted analysis of cyber security threats in Singapore’s banking industry.
Cyber Attack Events on Banks in Singapore1
Cyber Attack Methods on Banks¹
Source:
- Mastercard Cyber Insights Data. Based on data for the period Oct 2023 – Mar 2024
- Attack patterns within this category focus on the manipulation and exploitation of people using e-mails.
- Malware performs undesirable operations such as data theft or some other type of computer compromise. Some of the main types of malware include trojans, viruses, worms and spyware.
- Ransomware refers to a type of malware that infects the computer systems of users and manipulates the infected system in a way that the victim cannot (partially or fully) use it and the data stored on it.
- Others include mobile device attacks, web phishing, pretexting, supply chain attacks, command and control and persistence techniques.
Cyber attacks dominated discussions as a prevalent type of fraud
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There were a total of 322 attacks in Oct 2023- Mar 2024 on banks in Singapore, 52% of which were executed through malware, email phishing and ransomware techniques.
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Out of all the fraud type discussions for Bank Cards and Non-Card services , ~ 60% were related to cyber attacks (38% in bank cards, 86% in non card services). 85% of cyber attack discussions under bank card services were associated with credit cards, while 55% of cyber attack discussions under non- bank card services were related to Online Banking.
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80% of the cyber attacks are found within online news and are primarily associated with attacks on banking institution and infrastructure. These attacks often capture fraud that boasts a high level of sophistication, through compromising or impersonating organizations and businesses.
Best practices that can be deployed by banks to enhance cyber controls:
- Establish a non-negotiable cybersecurity culture by strengthening awareness and training program.
- Collect, monitor, and analyze information to build cyber intelligence to make informed data backed security decisions.
- Establish a program to allow you to manage & monitor your critical third parties to prevent their risk becoming your risk.
- Effective management of patches and vulnerabilities.
