Last week the Association of Banks in Singapore (ABS) had issues a warning about a spyware programme that infects computers and steals banking related data, including log in details and passwords.

It was then that leading companies like Appco, Redwoods Advance etc swung into action and made double checks to secure their accounts. A top executive at Redwoods Advance Pte Ltd commented, “Yes, we are aware of the warning and we have taken all necessary steps to prevent any loss that the spyware could cause”.

It's known that there have been cases of data theft and loss, but details are not available. The malware gets into a user's system when he visits infected websites or opens infected emails or downloads unknown files containing the malware from sites. The next time he logs in to his banking site, he would see a pop-up banner with a message- “We are checking your security settings. Please wait 1-10 minutes. Please be patient don't close and reload the page while we are checking the information”. That's the indication that the spyware work has begun and data is being stolen. So it's safe not to download suspicious files or open suspicious sites.

There is another way the spyware could be activated, asking the user to go in for a One Time Password (OTP). To avoid this, it would be advisable not to type the OTP if it's on the same page as the entry forms for the user name and password. Legitimate banking websites always ask for the OTP on a separate page, after the user name and password have been entered.