Be careful of fraudsters hacking into your bank account and saddling you with debt

Hackers are not only able to empty victims’ bank accounts via malware scams, but they are now also capable of taking out credit card and personal loans through compromised banking apps. Such scams have resulted in a loss of over $10 million from the first half of 2023 alone. These findings have prompted examinations into the loan process of major Singaporean retail banks, noting that no additional verification is required to apply for a loan.