After malicious software targeting Android smartphones enabled hackers to steal thousands of dollars from 50 mobile banking accounts , the Association of Banks in Singapore ( ABS ) issued a report about the fake fraud that tricked users into stealing their WhatsApp account or battery management module ; the software used to steal their banking credentials . In less than two years , online fraud has tripled , from 510 cases in 2013 to 1659 cases last year , and a survey from security firm Norton indicated that Singaporeans lost over half a million dollars in the past year alone . Although reports have widely lauded mobile payment technology as being just as secure , if not more so , than mobile payments , incidents such as this may slow the growth rate of these new services .
After malicious software targeting Android smartphones enabled hackers to steal thousands of dollars from 50 mobile banking users, the Association of Banks in Singapore (ABS) issued a warning about the fake link that tricked users into updating their WhatsApp software or battery management module; the method used to steal their banking credentials. In less than two years, online fraud has tripled, from 510 cases in 2013 to 1659 cases last year, and a survey from security firm Norton indicated that Singaporeans lost over half a million dollars in the past year alone. Although reports have widely lauded mobile payment technology as being just as secure, if not more so, than card payments, incidents such as this may slow the growth rate of these new services.