Bank customers in Singapore hit by fraud

Banking and telecommunication systems not compromised. The Infocomm Media Development Authority (IMDA), Monetary Authority of Singapore (MAS), and Singapore Police Force (SPF) said that malicious actors overseas had diverted and used SMS one-time passwords (OTPs) to perform fraudulent credit card transactions affecting 75 bank customers in Singapore. These transactions, amounting…

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Singapore’s PayNow and India’s UPI to Link in 2022

Reducing the cost and inefficiencies of remittances between the two countries. The Monetary Authority of Singapore (MAS) and the Reserve Bank of India today announced plans to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payment systems by July 2022. The PayNow-UPI linkage will enable users to make…

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Indonesia’s BJB Syariah transforms IT infrastructure

Islamic bank turns to the Cloud for agility and speed. Indonesia-based Islamic bank PT Bank Jabar Banten Syariah (Bank BJB Syariah) has adopted Nutanix’s cloud platform to transform its IT infrastructure to a fully cloud-based approach, enabling the bank to gain speed and agility to keep pace with rapid market changes.…

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Modern banking makes the sector vulnerable to attacks

No sector was more regularly targeted than the financial sector The financial sector has seen a “staggering 238 per cent increase” in cyber attacks and ransomware attacks have increased nine-fold since the beginning of February to the end of April 2020. This is according to VMware Carbon Black’s third annual…

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Commonwealth Bank uses Slyp for customer receipts

  Customers to automatically receive an itemised digital receipt Commonwealth Bank has chosen Australian fintech provider Slyp to come up with a digital product that will send itemised digital receipts in a customer’s banking app, after they’ve paid with their card or digital wallet at participating retailers. Slyp’s digital receipt…

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