UOB (United Overseas Bank)

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#81
Rainbow 
6May2021 UOB published it's 1Q21 performance 
7May2021 UOB published a Cybersecurity incident report in SGX
https://links.sgx.com/FileOpen/UOB-A2021...eID=665469

A few things that's notable.
1. UOB publish this Cybersecurity incident before it hit the press.  
This is rather un-usual as UOB decided to voluntarily release this info.

2. UOB attacker is using a rather common technique - Impersonation Scam.
As reader of VB.com already know, the attacker will just pretend to be a China policeman and request for certain Chinese nationals with Singapore-based accounts details such as:
  • Name
  • ID
  • Mobile numbers
  • Account balances (amount or more or less than a certain sum)
3. Unfortunately, UOB fall prey to the scam and had been deceived into disclosing these information.


What is important is to realise that this could happen to any person.  But, what is notable is, all these while, the Cyber attacks were focusing on individual account holder.  Whereas, this time round, the attacker had successfully penetrated a business - UOB.

Moving forward, we would expect more such announcements (from other businesses) as UOB had already opened the can of worms.

What would be important is the counter measures:
  • disabling clients internet and mobile banking access;
  • advising clients to reset digital access and how to protect from scams;
  • monitoring of affected accounts;
  • set online funds transfer SMS alert threshold;
  • post scam notice on apps and home page; and
  • post scam notice on social media channels.
Of course, for UOB staffs, additional Cybersecurity training especially on the social engineering and phishing too.

UOB pledge to continue to make every effort to work with affected customers and make every effort to work with them on keeping their accounts safe.



It's definitely no fault of UOB (or UOB staffs) as Cyberattack is rampage and the attackers are getting smarter and smarter everyday.

With the help of open source and increasing volatile economic conditions, Cyberattackers would be more persistent and creative to fish for their preys.

Singapore, being the leading financial center in SEA and Singaporean, being shielded from the impact of economy crisis would be an exciting pond to be fished.

Take care and stay safe, everyone.
Heart 

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#82
(08-05-2021, 10:10 AM)¯|_(ツ)_/¯ Wrote: 2. UOB attacker is using a rather common technique - Impersonation Scam.
As reader of VB.com already know, the attacker will just pretend to be a China policeman and request for certain Chinese nationals with Singapore-based accounts details such as:
  • Name
  • ID
  • Mobile numbers
  • Account balances (amount or more or less than a certain sum)
But even with above information can the hacker steal the money in the client balances? Are they able to clone a sim card based on the mobile number given and divert sms 2 FA to their cloned sim card?
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#83
Rainbow 
Good questions. Why is there a need to clone the SIM card?

See an awareness video from OCBC.
These personal data would be kept by the Scammer in a centralised database...
and subjected to further exploitation for many many years to come.

It's very serious and hence the need to educate more Singaporean.

Gratitude.
Heart

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#84
(08-05-2021, 12:47 PM)¯|_(ツ)_/¯ Wrote: Good questions. Why is there a need to clone the SIM card?
Becos I believe all investors here will not give them any banking pw as in the video u uploaded. HP number yes. They can exploit for all they want but they wont get any pw from shrewd investors here.
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#85
Rainbow 
Wink cute.
Different people different stroke.

We still need to do more public education to prevent these sort of things happening.
SPH, MediaCorp - POWER!!!

Gratitude.
Heart
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#86
The Jardines untangled their cross holdings few years back. Any chance for UOB to untangle theirs and unlock value?

Banker extraordinaire and takeover artist: Milestones from Wee Cho Yaw’s career

WEE Cho Yaw, arguably Singapore’s most prominent corporate and banking personality for decades, died at the age of 95 in the early hours of Saturday (Feb 3).

The banking titan led UOB – the bank founded by his father – for over 60 years as chief executive and chairman, building it into a domestic and regional financial powerhouse.

Under him, the bank’s network expanded from 75 to more than 500 branches and offices globally, and assets grew from S$2.8 billion to more than S$253 billion.

https://www.businesstimes.com.sg/compani...aws-career
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