FEATURE : CLOUD SECURITY
Jan Sysmans , Mobile App Security Evangelist , Appdome , on meeting the protection expectations of Singaporean consumers .
Alarm bells rang across Singapore ’ s investment community last November when five US-based investors lost more than US $ 10 million in a cryptocurrency scam that involved spoofed domains of the former Singapore International Monetary Exchange ( Simex ).
In addition , the Singapore-based crypto firm , BitKeep , lost more than $ 8-million USD to a hack in December 2022 .
Fake or spoofed apps are among several threats to users of investment apps . A recent study revealed that 77 % of financial apps have at least one vulnerability that can lead to a data breach , while 88 % of apps fail cryptographic tests making them a target for datahungry hackers .
Plugging these gaps is in everyone ’ s best interests , especially in the context of Singapore ’ s goal of becoming a global cryptocurrency hub .
And it turns out that Singaporean consumers expect app makers to protect them from hacking , fraud
Five common cyber threats targeting investment apps and how to stay protected
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