Staying Vigilant Ahead of Singapore’s Cashless Ambitions

Staying Vigilant Ahead of Singapore’s Cashless Ambitions

Kaspersky Lab warns public of the danger of using online payments and transactions

Singaporeans are no strangers to mobile e wallets, QR codes and online payments, especially with the recent launch by Land Transport Authority (LTA), allowing commuters to ride with just a simple tap using their phone, hawker centres offering QR code payments and the rise of the convenience of booking transportation, food delivery and online shopping.

Last year, the Association of Banks in Singapore (ABS) launched a new peer-to-peer funds transfer service called PayNow, which links mobile numbers to bank accounts, making peer to peer payments as seamless as possible.

While this is a great leap for Singapore’s vision towards a cashless society, people still need to be vigilant of the security risks behind it.

A study conducted by Cyber Security Agency in February last year revealed that, while seven out of 10 respondents understand that every individual has a responsibility to play in cyber security, not all of them practice cyber security hygiene[1]. The same study also revealed that one in three respondents do not have security measures installed in their mobile phones.

This is a growing cause of concern as valuable information, fraud and even loss of monies can be compromised by the gaps left by the users of cashless payments.  While a cashless society provides the convenience, cybersecurity should not be taken lightly.

According to Stephan Neumeier, Managing Director, Asia Pacific at Kaspersky Lab, “Singaporeans are realising the convenience that comes with embracing cashless payments. While it is encouraging, there is also a need to have a fine balance between security and convenience. While there are regulations to keep things in check, cyber criminals can also find their way through many security gaps in an individual’s device. The only way to be safe is to be vigilant while paying by having payment notifications enabled and to have a trusted security solution installed in your devices. These two steps, can help Singaporeans ward off most of the common financial theft risks.”

Cashless payments such as mobile wallets, also stores the user’s card information in order for it to become useable. This opens up many security risks such as SMSishing – which is basically a text message with a link that brings users to a phishing page, or discreetly installing a malicious application inside the phone when a user unknowingly scanned a fake code.

Singaporeans can play a significant role in protecting themselves against financial theft risks. Some measures that can be taken when doing cashless payments:

As the current adjustment period makes way for settlement, Singaporeans can also play their part in ensuring that they remain vigilant against potential threats and help realise the dream of a cashless society.

About Kaspersky Lab

Kaspersky Lab is a global cybersecurity company celebrating its 20 year anniversary in 2017. Kaspersky Lab’s deep threat intelligence and security expertise is constantly transforming into security solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection and a number of specialized security solutions and services to fight sophisticated and evolving digital threats. Over 400 million users are protected by Kaspersky Lab technologies and we help 270,000 corporate clients protect what matters most to them. Learn more at www.kaspersky.com.