MoneySmart hit by data breach; Singapore, Hong Kong customers affected
The platform says it has notified regulators and engaged independent cybersecurity experts to investigate
Singapore-based finance platform MoneySmart has experienced a data breach in which unauthorized third-party access to its internal IT systems resulted in the copying of personal information from customers in Singapore and Hong Kong. The company discovered the unauthorized access on October 29 and promptly notified affected customers via email on November 3.
The compromised systems contained personal data provided by customers when comparing or applying for financial products through the platform. MoneySmart has informed regulators in both Singapore and Hong Kong, including the Personal Data Protection Commission, Monetary Authority of Singapore, Office of the Privacy Commissioner for Personal Data, and Insurance Authority.
The affected personal data includes customers' names and email addresses, though it remains unclear how many customers were impacted and whether additional personal information was exposed.
MoneySmart took immediate action by halting unauthorized access after detecting the breach and engaging independent cybersecurity and forensic experts to investigate. The company has also strengthened access controls and system monitoring while establishing a dedicated team to assist affected customers. MoneySmart CEO Vinod Nair emphasized the company's commitment to protecting customer information and resolving the issue as a top priority.
He advised customers to remain vigilant against suspicious communications and refrain from sharing passwords or one-time passwords.
MoneySmart is currently seeking further details from the platform.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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