The Arrests

The suspects were apprehended during an anti-scam operation conducted by the Singaporean police between August 14 and 25. The group included seven men and four women, aged 17 to 25. Additionally, two other women and another teenager are currently assisting with the investigation.

The Scheme

According to preliminary reports, the individuals are accused of facilitating scams by providing access to their bank accounts, internet banking credentials, and even their Singpass details for financial gain. This marks a concerning trend where malware attacks on Android devices have been on the rise since January of this year.

Modus Operandi

Victims reportedly fell into the scam trap after responding to ads on social media platforms. They were then coerced into downloading malicious Android Package Kits from non-official app stores. Once downloaded, scammers were able to convince victims to enable accessibility features on their Android phones, giving the scammers complete control over the device. The result? Unauthorized transactions from the victims’ bank accounts, even when no credentials were shared.

Masking the Crime

To further cover their tracks, the scammers could delete SMS and email notifications of bank transfers, making it harder for victims to detect the fraudulent activity.

Police Advisory

The police have issued a warning against clicking on suspicious links, scanning unknown QR codes, or downloading apps from third-party websites. Official app stores are strongly recommended, and users should be cautious when sharing personal information like Singpass and banking credentials.

Previous Cases and Ongoing Investigations

Earlier in August and June, similar arrests were made, with victims losing more than S$221,000 (approximately US$164,000), including more than S$114,000 in CPF savings. Investigations are still ongoing.

Legal Repercussions

Convicts face harsh penalties, ranging from up to 10 years in jail and fines of up to S$500,000. Lesser charges include three years of imprisonment and a fine under the Penal Code, while others may also face charges under the Computer Misuse Act.

Conclusion

This case serves as a stern reminder of the risks associated with cybercrime, particularly targeting banking apps and sensitive personal information. Always adhere to safety guidelines and be cautious when dealing with offers or requests online.

Source: https://www.channelnewsasia.com/singapore/android-banking-malware-scams-teenagers-13-arrested-singpass-3726446

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Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) jointly launched a cross-border QR code payment system that allows customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. This payment linkage will support both in-person payments through the scanning of physical QR codes displayed by merchants and online cross-border e-commerce transactions.

The DuitNow-NETS QR code payment linkage marks a significant step forward in the collaboration between Malaysia and Singapore to enhance cross-border payments connectivity. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, this payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments. It aligns with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, demonstrating both countries’ commitment to improving the cost, speed, access, and transparency of cross-border payments.

The initiative is a result of strong collaboration between various industry players from both countries, including Payments Network Malaysia Sdn. Bhd. (PayNet), Network for Electronic Transfers (Singapore) Pte. Ltd (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances, allowing users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient’s mobile phone number via DuitNow and PayNow. The service is expected to go live by the end of 2023.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage is a significant step forward in realizing the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. It will benefit millions of commuters and businesses in both countries and boost retail businesses’ growth. He also highlighted their commitment to accelerate their digitalization agenda for increased regional economic and financial integration.

Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, emphasized that this QR code linkage between Singapore and Malaysia is a crucial milestone in ASEAN’s journey towards seamless regional payments connectivity, boosting cross-border commerce and enabling small businesses to tap into a wider pool of consumers.

Source: https://www.bnm.gov.my/-/qrcode-connectivity-my-sg

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SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.
SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.

With the integration of DuitNow QR, Setel users can now scan and pay at any retailer. Additionally, within a year, Setel users will be able to send and receive money through DuitNow, and create their own DuitNow QR to make money transfers to their e-wallet more convenient.

Mazlin Erawati Ab Manan, Chief Executive Officer of Setel, emphasized that the company is committed to meeting the demands of its customers by making the Setel app more convenient and inclusive for a wider range of customers. The integration with DuitNow QR is a clear demonstration of this commitment, as it expands the use of the Setel app to retail purchases and other needs.

Setel users will be rewarded with Mesra points for every payment made through DuitNow between March 30, 2023, and May 31, 2023. These points can be redeemed for fuel and other exciting rewards. Overall, the integration of DuitNow QR is a significant step for Setel in its mission to redefine mobility and provide a seamless payment experience for its users.

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The focus of the CCOB in Phase 1, from 2024 to 2025, will be on non-bank credit providers and service providers that are currently unregulated. This includes businesses that offer Buy Now Pay Later (BNPL) services. Non-bank credit providers that are already regulated by a Regulatory and Supervisory Authority (RSA) will not be required to seek authorisation from the CCOB in this phase.

In assessing an application for authorisation, the CCOB will examine four criteria: organisational structure, shareholding composition, financial resources, and qualification and competencies of key personnel. The proposed regulations also require credit providers and credit service providers to have sufficient financial resources commensurate with the nature, complexity, and scale of their business. The proposed minimum financial requirement for BNPL firms is RM2 million of shareholder funds.

Industry players are expected to submit their data digitally via a one-stop portal that will take into consideration the different consumer credit business requirements. This will be an integrated complaints system driven by an Application Programming Interface (API) that will be freely accessible to industry players to ease regulatory costs and reporting obligations. The API-powered platform will also publish information on regulated industry players, allowing the general public to validate their credibility.

The CCOB is also seeking to ensure that advertisements and promotional material on credit or credit services are clear and not deceptive. Credit providers will have to conduct an affordability assessment on consumers before entering into an agreement with them or increasing the amount of credit provided. They will need to obtain information such as their financial means, outstanding debt obligations, and repayment history from reliable sources such as registered credit reporting institutions.

Interested parties and members of the public are invited to provide feedback and comments on the consultation paper to CCOB Task Force by 15 May 2023. To do so, you can visit the CCOB website to use the feedback form feature or email CCAConsultation@bnm.gov.my. This is an opportunity for the public to have a say in shaping the regulatory framework for credit businesses in Malaysia, which will help ensure responsible lending practices and protect consumers.

Source: https://ccob.my/wp-content/uploads/2023/04/Consultation-Paper-Pt-2_FINAL_ENG-1.pdf

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• The global digital payments market was valued at $4.1 trillion in 2019, and it was projected to reach $7.6 trillion by 2024.
• According to the World Bank, the number of people with bank accounts who made or received digital payments increased from 52% in 2014 to 69% in 2017.
• During the first months of the pandemic, the use of digital payment methods increased by around 20% globally.
• In the United States, digital payments increased by 40% from March to April 2020, according to a report by ACI Worldwide.

Here are some reasons why COVID-19 has accelerated the growth of digital payments:

• Social distancing measures and lock downs have made it more difficult for consumers to shop in physical stores, leading to an increase in online shopping.
• Cash transactions are seen as less hygienic during a pandemic, leading consumers to prefer contactless payment methods such as digital wallets and mobile payments.
• Businesses have had to adapt to the new reality of the pandemic, with many shifting their focus to e-commerce and digital sales channels.
• Governments have encouraged the use of digital payments to help reduce the spread of the virus, with some offering incentives and subsidies to businesses that adopt digital payment methods.

The growth of digital payments has significant implications for businesses and consumers alike. For businesses, it offers a range of opportunities to streamline operations, reduce costs, and improve customer experiences. By accepting digital payments, businesses can offer customers more convenient and secure ways to pay, which can help to increase customer loyalty and drive sales. For consumers, digital payments offer a range of benefits, including convenience, security, and flexibility.

In conclusion, COVID-19 has accelerated the growth of digital payments, transforming the way we pay for goods and services. Businesses that fail to adopt digital payment methods risk falling behind their competitors and missing out on valuable opportunities to improve customer experiences and streamline operations. Consumers, meanwhile, should take advantage of the convenience and security of digital payments, while remaining vigilant against potential fraud.

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The Enablers

In Malaysia, several e-wallet brands are leading the way in digital payments. Boost, GrabPay, and Touch ‘n Go eWallet are some of the most popular e-wallets in the country, and are widely used for a variety of transactions, including payments for transportation, food delivery, online shopping, and bill payments.

In addition to e-wallets, many banks in Malaysia offer digital payment services that allow customers to make payments and transfer funds using their mobile devices. For example, Maybank2u, CIMB Clicks, and RHB Now are all popular digital banking services that provide customers with a convenient and secure way to manage their finances.

Other service providers in Malaysia are also contributing to the growth of digital payments in the country. For example, iPay88, senangPay, ToyyibPay or edxaPay is a payments processing company that provides payment gateway services to businesses, enabling them to accept payments from a range of digital channels, including credit and debit cards, e-wallets, and online banking.

QR Code, The Future of Payment

The “e-Conomy SEA 2022” report highlights the importance of payment infrastructure in driving the growth of digital payments in Southeast Asia. The report notes that the widespread adoption of QR codes, the development of real-time payment systems, and the expansion of card payment networks have all played a significant role in facilitating the growth of digital payments in the region.

The report also predicts that the value of digital payments in Southeast Asia will continue to grow at a compound annual growth rate (CAGR) about 27% from 2020 to 2025, reaching a value of $1.17 trillion by 2025. This growth is expected to be driven by several factors, including the increasing adoption of digital payments by consumers and merchants, the expansion of digital wallets and payment infrastructure, and the growth of e-commerce and other digital services.

Final Words

In conclusion, the “e-Conomy SEA 2022” report highlights the growing importance of digital payments in Southeast Asia’s digital economy. With the increasing adoption of mobile devices and the proliferation of payment infrastructure, e-wallets, banks, and other service providers are well-positioned to continue driving the growth of digital payments in the region.

Source: https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pd

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DuitNow

DuitNow is a service that enables instant fund transfers between participating banks and e-wallets in Malaysia using just a recipient’s mobile number or National Registration Identity Card (NRIC) number. Here are some of the pros and cons of using DuitNow:

Pros:

1. Instant and convenient. DuitNow transactions are processed in real-time, meaning that recipients receive funds instantly. This makes it a convenient option for making urgent payments.
2. Secure. DuitNow transactions are highly secure, as they are authenticated using multiple layers of security, including mobile device verification, one-time passwords, and biometric authentication.
3. No need for bank account details. With DuitNow, users only need to provide a recipient’s mobile number or NRIC number to make a payment, eliminating the need for bank account details. This can be especially useful for small businesses and individuals who may not have a formal bank account.

Cons:

1. Limited availability. DuitNow is currently only available to users who have accounts with participating banks and e-wallets. This means that not all Malaysians can use the service.
2. Transaction limits. DuitNow transactions are subject to certain limits, which may vary depending on the user’s bank or e-wallet provider. This can be a drawback for businesses or individuals who need to make large payments.
3. Limited use cases. DuitNow is primarily designed for person-to-person (P2P) transfers, which means that it may not be suitable for all payment scenarios, such as online purchases or bill payments.

FPX

FPX is a payment gateway service that enables online banking customers to make real-time online payments using their savings, current, or credit card accounts. Example of payment gateway service such as eGHL, edxaPay, ToyyibPay, SenangPay or iPay88. Here are some of the pros and cons of using FPX:

Pros:

1. Wide acceptance. FPX is widely accepted by merchants in Malaysia, making it a convenient option for online shoppers. It is supported by most major banks, meaning that users can choose from a wide range of banks to make payments.
2. Secure. FPX transactions are highly secure, as they are authenticated using online banking credentials, such as a username and password or a security token.
3. Suitable for various payment scenarios. FPX can be used for a wide range of payment scenarios, including online purchases, bill payments, and charitable donations.

Cons:

1. Transaction fees. FPX transactions may be subject to transaction fees, which may vary depending on the user’s bank. This can be a drawback for users who want to avoid additional costs.
2. No instant payments. FPX transactions may take up to two working days to be processed, which means that recipients may not receive funds immediately.
3. Need for bank account details. With FPX, users need to provide their bank account details to make a payment, which may not be suitable for users who want to avoid disclosing their bank account information.

Conclusion:

In summary, both DuitNow and FPX are useful payment options for Malaysians, depending on their specific needs and preferences. DuitNow is ideal for P2P transfers, as it enables instant and secure payments without the need for bank account details. However, it may not be suitable for all payment scenarios and is subject to transaction limits.

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