Scam attempts have become so widespread that it’s rare to meet someone who hasn’t been the target of one. Common examples include phishing emails, phone calls from strangers impersonating friends or trusted organisations and online shopping deals that are too good to be true.
Despite concerted efforts by banks and the authorities to curb such activities, the total number of scam cases in Singapore continues to rise. In the first half of this year, the number of scams increased by 18 per cent compared to the same period last year. The total amount lost surged by 24.6 per cent to S$385.6 million, up from S$309.4 million.
With fraudsters growing bolder in their schemes, it’s crucial to take proactive measures to protect yourself. By following these steps to strengthen your banking security, you can reduce your risk of falling victim to scams.
1. SET TRANSACTION LIMITS AND SWITCH ON ALERTS
One way to enhance your banking security is to regularly review and update your daily and monthly transaction limits to ensure that scammers are not able to transfer large sums out of your account.
You can do so using DBS’ Security Checkup feature, which offers a comprehensive checklist of essential security actions to bolster your account security.
With Security Checkup, you can review and adjust daily limits for inter-bank and local bank transfers, overseas transfers and eNETS transactions. It is advisable to set limits at the lower end of your spending range to match your usual expenditure. Should you need to make a transfer that exceeds this limit, you can easily adjust it via the digibank app.
Source: CNA
