Anti-scam measures by retail banks averted losses of $57.6m, says banking industry body

Scammers have been prevented from stealing $57.6 million from retail banks due to anti-malware tools deployed by banks, says the Association of Banks in Singapore (ABS). The tools have also stopped further potential losses of $18.6 million. Despite this, the fight against scams is ongoing and requires cooperation from authorities, banks, and the public. The ABS encourages the adoption of good cyber hygiene to prevent scams.