Issue 27
March 2025
Welcome to the MBA's News Digest!
Dear readers,
Experts agree: we need more efficient tools to counter the criminal use of blockchain technologies. Can better standards for blockchain intelligence provide an answer?
Australian banks continue to play their part in the fight against scammers, with scam losses down by almost 26 per cent last year.
Social engineering and fraud – Phishing, smishing, and vishing continue to be prevalent attack methods, highlights a report by the European Union Agency for Cybersecurity, with individuals (38%) and banks (36%) being the most affected.
Best wishes,
The MBA team
Unlocking blockchain intelligence to tackle illicit crypto use
4 March 2025
‘Financial institutions, to: establish the source of wealth for clients dealing in crypto assets; open new customer segments which, using current analytical methods, would be considered too risky; establish effective AML/CFT frameworks for crypto assets; and provide banking services to both crypto-asset service providers and individuals safely. Blockchain intelligence also enables active monitoring and management of tokenised assets…Law enforcement, to enhance existing investigations and to uncover and establish relationships where none would otherwise have been noticed. Blockchain intelligence provides the capability to link off-chain investigations to blockchain transactions, providing a more comprehensive overview of the threat environment.’
Joint Advisory on Scammers Impersonating Officers from Monetary Authority of Singapore, NTUC Union and Financial Institutions Representatives
14 March 2025
‘In this scam variant, victims would receive unsolicited calls from local mobile lines i.e. starting with “+65” or “8”, allegedly from NTUC Union, Income Insurance or Unionpay. Victims would be informed that there are outstanding premiums associated with a new or expiring life insurance policy under their name. Thereafter, they would be redirected to a second scammer purporting to be an Income Insurance or Unionpay staff who would request personal information from the victims, such as bank account details and personal credentials, under the pretext of verifying their policy details. Victims would then be informed that, unless they cancel the insurance policy, the outstanding fees would automatically be deducted from their bank accounts. To cancel the insurance policy, victims would first have to verify their bank accounts by performing bank transfers to a specified bank account. In some cases, victims would be guided in performing these transfers through WhatsApp’s screen-sharing function. Throughout the process, victims were given the assurance that their monies would be refunded upon successful cancellation of their insurance policies.’
Oral reply to Parliamentary Question on the tightening of regulations for digital payment token service providers
5 March 2025
‘Cryptocurrencies are highly volatile and speculative in nature, and are usually not anchored on any fundamental value. MAS has consistently issued public warnings that dealing in cryptocurrencies is highly risky and not suitable for the general public. If an individual uses his credit card to purchase cryptocurrencies, he could be borrowing from the credit card, which attracts a higher rate of interest than other forms of credit. If the value of the cryptocurrency falls, he may suffer substantial losses and be unable to pay off his credit card debt, with the higher rate of interest compounding his debt. More generally, using credit or leverage magnifies losses, and investors can lose more than the principal amount they put in. MAS has therefore prohibited digital payment token service providers from providing credit or leverage to all retail customers, regardless of age, for the purchase of cryptocurrencies. This includes restrictions on their acceptance of credit cards.’
Banks welcome more progress in scams war as losses fall
11 March 2025
‘ “These international criminal gangs will continue to evolve their tactics and find new ways to steal money – it’s therefore crucial government, banks, telcos, digital platforms as well as consumers all play an ongoing role. “Banks are ramping up anti-scam measures to keep people’s money safe through our industry’s Scam-Safe Accord. This is seeing Australia’s banks set an even higher benchmark of protection for customers. “Australia’s new legislative framework which focuses on scam prevention and stopping people from being exposed to scams will be critical to further reducing scam losses. “Banks will continue to work closely with the Government and other sectors on the implementation of this framework and the development of strong and effective mandatory industry codes.” ’
Banks here to support cyclone affected areas
6 March 2025
“It doesn’t matter if you’re an individual or a business customer, or both, banks have a variety of options available from repayment deferrals through to loan restructuring to help you get by. “In the coming days, if you need help from your bank, contact them as early as possible to discuss what tailored assistance can be made available.” Depending on individual circumstances, banks may be able to assist with: customised arrangements or deferrals of upcoming credit card payments or loan repayments; temporary overdrafts or emergency credit limit increases; restructuring of existing loans; waiving or refunding fees and charges; offering additional finance to help cover cash flow shortages.’
Cyber threats to European banks: Key takeaways from ENISA's latest report
5 March 2025
‘Key findings: Cyber threats faced by the finance sector:
Rise in DDoS attacks – Distributed Denial-of-Service (DDoS) attacks have surged due to unfolding geopolitical events. Hacktivists targeted banks (58% of incidents) and government websites related to finance (21%), causing operational disruptions.
Data breaches and leaks – Data-related threats remain a serious concern, with cybercriminals exploiting vulnerabilities for financial gain through fraud, supply chain attacks, and social engineering. Credit institutions were the primary targets (39%), leading to financial losses, regulatory penalties, and reputational damage.’
Balancing digital innovation and cash access: Securing the UK financial system for 2025 and beyond
26 February 2025
‘The FCA’s new rules, effective September 2024, obligate banks and building societies to assess local cash access and plug gaps before shutting down ATMs or branches. This proactive measure has been bolstered by the Payment Systems Regulator (PSR) to ensure tangible action rather than token compliance. Countries like Sweden and Norway, which are further along the digital payment adoption curve, are now revisiting policies to mandate ATM networks in underserved regions, aligning with the UK’s balanced approach to inclusivity and innovation (GOV.UK Cash Access Policy Statement).’
Mobile intelligence signals success in the war on APP fraud with Scam Signal
4 March 2025
‘Following last October’s rollout of Mandatory Reimbursement, banks have turned to the telecoms industry and how it can support their efforts in the fight against fraud. At JT we’ve been working with banks and mobile network operators to establish how banks can best integrate real-time mobile intelligence data into their customer journeys to help them effectively prevent APP fraud events from happening, without creating excessive friction in the processing of payments. We recognise that while reimbursement ensures that consumers aren’t left financially ruined from being scammed, only prevention will instil trust in our banking customers. The award-winning Scam Signal solution is now successfully deployed in a number of the UK’s leading high-street banks with very promising results in the detection of APP fraud attempts.’
The future of verification: Rethinking financial security
12 March 2025
‘Institutions seeking to enhance their verification processes have begun adopting solutions that incorporate: Real-time risk detection – monitoring global open-source data to detect emerging threats before they appear in official records; Pattern-based analysis – assessing behavioural indicators linked to fraud, cybercrime, and illicit financial activity; Identity matching technologies – employing facial recognition and other biometric techniques to align digital and physical identities with greater accuracy. This shift towards intelligence-led verification is already being used to strengthen financial security frameworks. In practice, it allows institutions to refine their assessments, reduce false positives, and improve the precision of compliance processes.’
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