SINGAPORE – Hackers abroad have been able to pose as 75 bank customers here to make about $500,000 in fake credit card payments.
This was done by a sophisticated method of hijacking the one-time passwords (OTPs) sent through SMS text messages by banks.
The hackers had diverted the SMS OTPs from the banks to overseas mobile network systems, explained the Infocomm Media Development Authority (IMDA), Monetary Authority of Singapore (MAS), and Singapore Police Force in a joint statement on Wednesday (Sept 15).
