MAS reminds FIs to be on alert for fraudulent fund transfers

It sends financial institutions a list of measures to beef up security, including on the use of SWIFT platform
lynkhoo@sph.com.sg@LynetteKhooBT

The Monetary Authority of Singapore (MAS) has issued an advisory to remind financial institutions (FIs) to remain vigilant, following recent reports of cyber incidents overseas, where attackers have attempted fraudulent fund transfers using the SWIFT telecommunications system, through which trillions of dollars move in financial transactions daily.
PHOTO: ST FILE

Singapore

THE Monetary Authority of Singapore (MAS) has issued an advisory to remind financial institutions (FIs) to remain vigilant, following recent reports of cyber incidents overseas, where attackers have attempted fraudulent fund transfers using the SWIFT telecommunications system,