Singapore — Central Provident Fund (CPF) members who log in to their accounts using their Singpass may have to go through another step — face verification.
The additional precaution comes amid a spate of malware scams involving CPF savings, said the CPF Board, GovTech and the police in a joint advisory on Thursday .
"As a further precaution, CPF Board and GovTech had urgently introduced the Singpass Face Verification during the login to protect vulnerable CPF members who access CPF e-services," the agencies said in a statement. Upon downloading the APK, a malware is installed on the phone. The scammer then convinces the victim via a phone call or text message to turn on accessibility services on his Android phone.It allows the scammer to log every keystroke and steal banking credentials stored in the phone. This also means the scammer can remotely log in to the victim’s banking apps, add money mules as payees, raise payment limits and transfer money out to money mules.
"Although CPF withdrawals can only be paid to a bank account verified to belong to the CPF member, the scammer can subsequently transfer the money out from that bank account using stolen banking credentials from the phone," said the release.
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