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The Hong Kong Association of Banks, which represents all 160 banks in the city, also pledged to ensure personal data privacy as it steps up the mitigation of fraud risks.
The majority of victims were aged 30 to 49, and were most frequently targeted on Facebook and Instagram.
New limits will be imposed in Singapore on the number of post-paid SIM cards that each mobile subscriber can register. The move aims to limit the illegal use of SIM cards and is part of efforts by authorities to fight against scams. Jeraldine Yap reports.
DBS, OCBC and UOB introduced new money-locking features in November last year to guard against scams.
MALWARE scams have been on the rise, and they are not stopping anytime soon.