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SINGAPORE — Hackers overseas cheated 75 bank customers here of a total of S$500,000 through fraudulent credit card transactions performed between September and December last year.
The perpetrators had diverted and used one-time passwords sent via short message service (SMS) to perform the fraudulent credit card transactions, the Monetary Authority of Singapore (MAS), the Infocomm Media Development Authority (IMDA), and the police said in a joint statement on Wednesday (Sept 15).
Investigations by the affected banks found that their systems were uncompromised and had not been the cause of these incidents.
Joint investigations by the police and IMDA later found that the perpetrators from abroad had gained unauthorised access to the systems of overseas telecommunication operators and used them to modify the location data of the mobile phones used by the victims in Singapore, the authorities said.
They were then able to receive through the overseas mobile network systems the SMS one-time passwords sent by the banks to the victims.
Having already obtained the victims’ credit card details, the perpetrators were then able to make the fraudulent online card payment transactions and authorised them using the one-time passwords they retrieved.
Read more at https://www.todayonline.com/singapo...through-unauthorised-credit-card-transactions
The perpetrators had diverted and used one-time passwords sent via short message service (SMS) to perform the fraudulent credit card transactions, the Monetary Authority of Singapore (MAS), the Infocomm Media Development Authority (IMDA), and the police said in a joint statement on Wednesday (Sept 15).
Investigations by the affected banks found that their systems were uncompromised and had not been the cause of these incidents.
Joint investigations by the police and IMDA later found that the perpetrators from abroad had gained unauthorised access to the systems of overseas telecommunication operators and used them to modify the location data of the mobile phones used by the victims in Singapore, the authorities said.
They were then able to receive through the overseas mobile network systems the SMS one-time passwords sent by the banks to the victims.
Having already obtained the victims’ credit card details, the perpetrators were then able to make the fraudulent online card payment transactions and authorised them using the one-time passwords they retrieved.
Read more at https://www.todayonline.com/singapo...through-unauthorised-credit-card-transactions
