Trust Bank is introducing a feature that allows users to lock specific amounts in their bank accounts, requiring additional steps to transfer money out. This includes:
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- Logging into the Trust Bank app
- Tapping a physical debit/credit card on an NFC-compatible phone
- Entering a six-digit personalized key
- Waiting 12 hours after unlocking before funds can be withdrawn
This security measure is a response to Singapore’s significant scam problem. In 2023, victims lost a record S$1.1 billion (over S$3 million daily).
The feature is being presented as a “market-first” tool that adds security without sacrificing convenience. While other banks have account locking features, they typically require customers to visit ATMs or bank branches to access locked funds.
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The article also notes that modern scammers often trick victims into downloading malicious apps that give scammers remote control of phones, allowing them to drain bank accounts. Another tactic involves convincing victims they’re under investigation and need to transfer money to “aid investigators.”
Phone-Based Bank Drain Scams: Analysis and Prevention
How These Scams Work
Phone-based bank drain scams typically operate through several sophisticated mechanisms:
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- Remote Access Trojans (RATs): As mentioned in the article, scammers trick victims into downloading malicious apps through fake websites or QR codes that promise deals or discounts. Once installed, these apps give scammers complete remote control of the victim’s device.
- Social Engineering: Scammers impersonate authorities (police, government officials, bank representatives) to create a sense of urgency and fear. The Singapore police note that a common tactic involves convincing victims they’re under investigation and need to transfer money to “aid investigators.”
- SIM Swapping: Attackers gain control of a victim’s phone number by convincing mobile carriers to transfer the number to a new SIM card, allowing them to receive authentication SMS codes.
- Man-in-the-Middle Attacks: Intercepting communications between users and their banks to steal login credentials and transaction details.
Prevention Methods
Trust Bank’s Approach
Trust Bank’s multi-layered approach represents an innovative security model:
- Physical Authentication: Requiring a physical card tap (something you have) alongside digital verification
- Time Delay: The 12-hour waiting period prevents impulsive transfers while under duress
- Multi-factor Authentication: Combining app login, physical card, and personalized key
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Additional Prevention Strategies
- Device Security:
- Install only apps from official app stores
- Keep device operating systems and apps updated
- Use anti-malware software on mobile devices
- Disable installation from unknown sources
- Transaction Security:
- Set low default transaction limits
- Enable notifications for all transactions
- Use dedicated security devices (hardware tokens) where available
- Consider using separate devices for banking and general browsing
- Behavioral Security:
- Verify calls directly with the bank using official numbers
- Never share OTPs or authentication codes
- Be skeptical of urgent financial requests
- Take time to verify before transferring large sums
- Banking Features:
- Use account segregation (maintaining separate accounts for daily use vs. savings)
- Enable biometric authentication where available
- Regularly review transaction history
- Enable geo-fencing where offered (transactions only allowed from specific locations)
The most effective prevention strategy combines technological safeguards with user awareness. Trust Bank’s approach is particularly notable for addressing both the technical vulnerability (remote access to phones) and the psychological manipulation (urgency) that scammers exploit.
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Maxthon
Maxthon has set out on an ambitious journey aimed at significantly bolstering the security of web applications, fueled by a resolute commitment to safeguarding users and their confidential data. At the heart of this initiative lies a collection of sophisticated encryption protocols, which act as a robust barrier for the information exchanged between individuals and various online services. Every interaction—be it the sharing of passwords or personal information—is protected within these encrypted channels, effectively preventing unauthorised access attempts from intruders.
This meticulous emphasis on encryption marks merely the initial phase of Maxthon’s extensive security framework. Acknowledging that cyber threats are constantly evolving, Maxthon adopts a forward-thinking approach to user protection. The browser is engineered to adapt to emerging challenges, incorporating regular updates that promptly address any vulnerabilities that may surface. Users are strongly encouraged to activate automatic updates as part of their cybersecurity regimen, ensuring they can seamlessly take advantage of the latest fixes without any hassle.
In today’s rapidly changing digital environment, Maxthon’s unwavering commitment to ongoing security enhancement signifies not only its responsibility toward users but also its firm dedication to nurturing trust in online engagements. With each new update rolled out, users can navigate the web with peace of mind, assured that their information is continuously safeguarded against ever-emerging threats lurking in cyberspace.
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