Eye on Finance: The State of Singapore’s Phishing and Social Engineering Epidemic
Technological advancements have fortified defences but also unleashed new tools for cybercriminals, amplifying the scale and sophistication of their attacks. The evolution of phishing has made the conventional playbooks insufficient, particularly in the financial services industry.
The Surge in Phishing Attacks
In recent conversations with some of the infosec and cybersecurity leaders from the fintech industry, they echo that The BFSI industry is one of the most spoofed sectors in Singapore. It is no secret that financial institutions sit on large data repositories, and high transactional frequencies – making it a prime target for cybercriminals. From impersonation using deepfake technology, exploiting multi-factor authentication systems to suspicious links and passwords. This highly underscores the persistent need for public awareness and education.
At CISO FSI Singapore 2025, discussions highlighting the importance of CISO leadership in steering society to identify bad actors and social engineering threats in financial services. Opening the narrative to raising awareness, collaboration and spearheading the community into a sense of ‘shared responsibility’ is of utmost importance. This can in turn bridge the gap between awareness and action through a generation of informed individuals.
Proliferation of Offensive Cybersecurity Measures
By adding offensive tactics to standard safeguards, CISOs in financial services can strengthen their security posture. Through proactive threat identification and adaptation to emerging bad actors, organizations may mitigate risks and establish a cybercrime-resistant culture. The gradual phasing out of OTPs for instance, in favour of biometric verification and AI-driven anomaly detection systems mirror a shift towards pre-emptive rather than reactive measures against phishing and fraudulent demeanours.
AI Driven Security: Fraud Prevention and Real Time Protection for Digital Banking is a standout session that addresses this theme. It explores the use of artificial intelligence not as a weapon, but as a shield to safeguard consumer data and manage customer experiences while adhering to regulations regarding the ethical implications of this technology.
Social and Regulatory Consequences
There are two clear cut areas financial services suffers when targeted. These being reputational and financial losses. The frequency and severity of phishing attacks are not to be underestimated. Regulatory penalties associated with phishing incidents have exponentially increased, reflecting a growing demand for airtight accountability measures and cybersecurity frameworks.
Furthermore, reputational loss hits just as hard. Research from IBM’s Cost of a Data Breach around consumer trust following a successful phishing attack shows broken confidence in the companies hit by breaches. In addition, the study reported that over 27% of consumers sever their partnership with affected banks and organizations. Both trust and revenue take a longer time to recover in the eyes of stakeholders and the public especially in highly competitive financial markets.
For today’s CISOs, the challenge to think ahead in the ever-evolving battle against phishing and social engineering attacks has never been higher. The threats we observe now aren’t just technical, but rather deeply human – with the exploitation of trust and urgency to breach defences.
At CISO FSI Singapore 2025, leaders will congregate to discuss cutting-edge offensive tactics, exchange best practices, and collaborate with peers to boost your organization's defences against rising phishing and social engineering threats. It is an unmatched chance to obtain tangible understanding of the urgent cybersecurity issues confronting the financial services sector. With dedicated sessions on leadership, AI-driven security, and public education initiatives, this conference equips CISOs with the tools to not only protect their institutions but to lead the charge in redefining cybersecurity in the financial world.
If you are interested to speak or partner with us at CISO FSI Singapore 2025, reach out to Kashmira George.
