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Hackers pose as bank customers to make $500k in fake credit card payments by stealing OTPs


The_King

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SINGAPORE - Hackers abroad have been able to pose as 75 bank customers here to make about $500,000 in fake credit card payments.

This was done by a sophisticated method of hijacking the one-time passwords (OTPs) sent through SMS text messages by banks.

The hackers had diverted the SMS OTPs from the banks to overseas mobile network systems, explained the Infocomm Media Development Authority (IMDA), Monetary Authority of Singapore (MAS), and Singapore Police Force in a joint statement on Wednesday (Sept 15).

The fraudulent transactions happened between September and December last year.

The bank customers said they did not initiate the transactions and did not receive the SMS OTPs needed to complete the transactions.

The authorities gave an assurance that Singapore's banking and telecommunication systems were not compromised.

 
 
 

They said that "SMS diversion is a mode of attack that requires highly sophisticated expertise to compromise the systems of overseas telecommunication networks".

In this case, the fake transactions also involved the crooks getting hold of the victims' credit card details.

 

 

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1 hour ago, Standing Birdy said:

What can you do if bank don't pay? Suck thumb, kpkb, close account. You blame them they blame hacker. That's the reason for wiggle room. Get it?

that why i got bank account just allowing atm services only, using only atm, not those 2 in 1 card, no phone banking, no CC no DC and account with cc/dc i treated it as top up account, i need i top up else it always less then $20

 

hacker cant stole what i dont have

 

 

 

Edited by The_King
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9 hours ago, chamfer said:

I set one bank account as debit card for taobao/grabfood. I only top up $50 whenever need or else it's less than $50.

 

I learn from you.

make your do check your main account once per yr, the one without cc, online banking etc....... if suddenly got any extra service that you nv apply for. cause our data leak until like no tml

 

 

 

 

if your kids is at least 16yr old, use thier name to open cause no service fee

 

https://www.frankbyocbc.com/products/accounts/frank-account

 

https://www.sc.com/sg/save/savings-accounts/jumpstart/

 

 

 

https://blog.moneysmart.sg/savings-accounts/no-minimum-balance/

 

 

 

Edited by The_King
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10 hours ago, chamfer said:

I set one bank account as debit card for taobao/grabfood. I only top up $50 whenever need or else it's less than $50.

 

I learn from you.

 

10 hours ago, chamfer said:

I set one bank account as debit card for taobao/grabfood. I only top up $50 whenever need or else it's less than $50.

 

I learn from you.

 Same. I only put in more cash if i wanna buythings online or transfer to digital wallet

Shalala lala la la ~ 🌠

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