SINGAPORE – Malware scammers not only empty victims’ bank accounts, they are also able to take up credit card and personal loans through a victim’s compromised banking app.
The user is required to enter the loan amount, which credit card the loan is attached to and the loan tenor.At no point during the loan application did the app ask for any additional verification, such as via national authentication system Singpass, security questions, one-time passwords or other details like the user’s address.
Users are required to provide details including their signature, job and educational background, and residential information before they can enter the amount they wish to borrow.
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