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DBS exec: Our cyber team scours the dark web to find and eliminate “false sites.” 

As bad actors use realistic-looking fake websites to dupe customers into giving up their login credentials, financial institutions can protect their users by monitoring the places where criminals hang out for threats.

“In our cybersecurity unit, there is a whole command center where, at all times, there are people monitoring, even activities in the dark web. And we actually take down a lot of false sites,” the Singapore head of Asian financial giant DBS, Shee Tse Koon, told American Banker in a wide-ranging interview. When DBS finds “dark players out there” it will “counterattack” to remove them, he added.  

DBS isn’t the only big firm contending with fakers: A recent report from IronNet found that criminals were buying “phishing-as-a-service” kits on the dark web for as little as $50 a month to imitate the likes of Wells Fargo, and Citi – and had stolen at least $500,000 from victims.  

There are a host of tools that promise to help customers scan the dark web for these kinds of threats (and more), including ZeroFox, CyberSixGill, and Insight Partners’ portfolio company Recorded Future.  

You can read the rest of Tse Koon’s interview on American Banker