(Singapore, 10 February 2020) Local financial institutions should remain vigilant on the cyber security front as there have been cases of cyber threat actors taking advantage of the 2019 Novel Coronavirus situation to conduct email scams, phishing and ransomware attacks, the Monetary Authority of Singapore (MAS) has announced.
The announcement was made following the raising of the Disease Outbreak Response System Condition (DORSCON) Alert Level from Yellow to Orange.
During an advisory on 7 February 2020 for financial institutions in Singapore to adopt additional measures and precautions, MAS calls on financial institutions to adopt the additional recommended measures by the Ministry of Health (MOH) and the Ministry of Manpower, while carrying out their business continuity plans.
Also in the third advisory to financial institutions since January 2020, MAS reminds financial institutions that they should remain vigilant on the cyber security front as there have been cases of cyber threat actors taking advantage of the 2019 Novel Coronavirus (2019-nCoV) situation to conduct email scams, phishing and ransomware attacks.
MAS said it has been informed about scammers impersonating MOH contact tracing officials and requesting for financial information from individuals. So far, MOH hasn’t asked for financial information during contact tracing calls, and members of the public are advised to verify the authenticity of the phone calls with the MOH hotline (Tel: 6325 9220) if they have any doubts about the caller’s identity.
MAS says it is closely monitoring the 2019-nCoV situation and remains engaged with financial institutions to ensure that appropriate business continuity plans are in place.