Info@NationalCyberSecurity
Info@NationalCyberSecurity

Be careful of fraudsters hacking into your bank account and saddling you with debt | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


SINGAPORE – Malware scammers not only empty victims’ bank accounts, they are also able to take up credit card and personal loans through a victim’s compromised banking app.

In malware scams, victims are typically tricked into downloading an app from non-official app stores that will allow the hacker to spy on their activities and take control of the device.

Hackers have used such malware to empty more than $10 million from compromised bank accounts in the first half of 2023, involving more than 750 cases, according to mid-year scam statistics provided by the police.

But now, they are also taking out bank loans to get access to more cash.

Between January and August, at least 30 victims were saddled with loans in the form of credit card cash advances, with the money transferred out of their accounts, the police told The Sunday Times.

ST tested the apps of three major retail banks in Singapore – DBS, OCBC and UOB – to compare the loan process.

DBS/POSB

Tests by ST found that users can apply for a credit card personal loan within seconds on DBS Bank’s digibank app.

Once logged in to the app, users can apply for a loan by tapping the “personal loan” button.

Without requiring any additional verification, the app springs up a pop-up showing the maximum amount the user is permitted to borrow, indicating to the user how much cash can be withdrawn.

The user is required to enter the loan amount, which credit card the loan is attached to and the loan tenor.

The money can be disbursed to any of the users’ accounts.

At no point during the loan application did the app ask for any additional verification, such as via national authentication system Singpass, security questions, one-time passwords or other details like the user’s address.

Checks by ST showed that this process is identical for accounts into which a user’s salary is credited.

Within a minute of sending the loan application, $500 in cash was disbursed to this writer’s account.

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