What measures can digital banks take to enhance security?

Digital banks can enhance security by implementing multi-factor authentication, using AI for fraud detection, and regularly updating their cybersecurity protocols. Educating customers about phishing threats and securing data through encryption can also help mitigate risks.

How does the rise in fraud claims affect digital banks?

An increase in fraud claims impacts digital banks by damaging customer trust and incurring financial losses. It also necessitates heightened regulatory scrutiny and forces banks to invest more heavily in security measures to protect their clientele.

What are current scam trends affecting digital banks?

Current scam trends include sophisticated phishing attacks, social engineering tactics, and ransomware. Cybercriminals exploit these methods to access sensitive information and financial assets, posing significant threats to digital banks.

Law and Government

GXS Bank News Today, Nov 17: Surge in Fraud Claims Raises Security Alarm

ByHuzaifa Zahoor November 17, 2025November 17, 2025

A recent upswing in fraud claims against digital banks, including GXS Bank, has put the spotlight on digital banking security in Singapore. As of November 2025, there has been a notable rise in the sophistication of phishing scams and hacking attempts. This trend highlights the vulnerabilities plaguing the sector and demands a reevaluation of current cybersecurity measures. With digital finance increasingly becoming the norm, ensuring secure online banking experiences is more critical than ever.