The Monetary Authority of Singapore's cybersecurity advisory panel proposed strategies for securing mobile banking and payments amidst online banking scams.
The second proposed way is to boost MFA for mobile banking and payments. The panel supported the adoption of “passwordless” and “out-of-band” authentication that functions separately from the mobile device used for performing mobile banking and payments. Financial institutions can manage the risks by implementing guardrails such as raising employee awareness on the safe use of GenAI, and establishing comprehensive data handling policies."FIs can deploy AI-enabled solutions in areas such as secure code development, security monitoring, threat hunting, and red-teaming to improve the effectiveness and robustness of their cyber defence," read the MAS statement....