sustainabilityrelated regulations and standards, and perform sustainability - related data gathering and analysis work to better take on new sustainable finance - related businesses. mas and the institute of banking and finance ( ibf ) will continue to roll out programmes to support professionals in the finance sector to upskill to take on these new sustainable finance opportunities. artificial intelligence ( ai ) let me now turn to how we intend to harness fast developing technologies in ai and quantum computing. financial institutions are no strangers to ai and have deployed machine learning for many years. with genai, fis globally have started piloting the technology across a range of use cases, albeit cautiously in middle office or backend functions. in singapore, we observe a wide spectrum of fis with varying degrees of ai readiness and in different stages of ai adoption. the pace of adoption is expected to pick up with better understanding of its opportunities and risks. we see the potential for singapore to anchor key capabilities to develop and deploy ai solutions in financial services. to achieve this, mas aims to focus on three key areas – talent ; trust ; and technology centres of excellence. talent first, we need to build a financial sector talent pool with strong ai competencies. the roles and activities undertaken by many finance professionals will change with the adoption of genai, enabling them to spend less time on collecting and processing information, and instead take on higher value work such as analysing insights from ai generated outputs. new job roles will also be created, for example, in – data management, prompt engineering and ai governance – as fis scale up their adoption of genai. mas and ibf have commissioned a detailed study of how genai will change jobs in the sector, and identify the new skillsets needed to perform these changing or new job roles. this enables us to take active steps to equip the financial sector workforce with the right skillsets to capture the opportunities the genai brings. 9 / 12 bis - central bankers'speeches we expect to publish the findings and recommendations early next year. trust second, there must be trust and confidence in financial services powered by ai. a strong foundation of governance is essential so that ai is used responsibly and meets high standards. in 2018, mas released the feat ( fairness, ethics, accountability, transparency ) principles, which were co - created with the financial industry. the veritas industry consortium, led by mas, subsequently developed an assessment methodology and toolkit to help fis assess whether their use of ai solutions is aligned with

scammers to succeed. recent moves include a. banks progressively removing the use of one - time passwords for bank account login for digital token users. instead, they will use the digital tokens, which are more secure. b. banks'mobile apps now have malware screening capability and will not launch if they detect malware on the phone. c. money lock features were introduced that allow customers to set aside funds that cannot be digitally accessed. as at 30 june, more than 107, 000 money lock accounts have been set up, with close to s $ 8. 9 billion of savings set aside. d. public awareness and education campaigns on scams were also conducted by the association of banks in singapore, individual banks and mas, to complement national campaigns. e. major retail banks are participating and co - located in the anti scam centre to assist the police with quick tracing and freezing of scam proceeds. after the implementation of anti - malware measures on banking apps, the incidence of scams involving remote takeover by malware was brought down sharply. phishing scam cases and amount lost were both lower in 2023 than in 2022, and the median amount lost was below s $ 1000. nonetheless, continued vigilance is needed. new scam typologies can and will emerge and phishing cases can go up again. scams involving authorised transactions have also been particularly difficult to fight, as the victim who has been deceived by the scammer has authorised the payment. these scams account for the majority of cases and losses. public education and timely sharing of scam alerts will help. mas and banks will add more frictions and checks to payments, but these may not be effective if scam victims still decide to authorise the payment. as we consider further measures for banks to implement, this does involve bank customers collectively giving up some convenience for more security. scam 7 / 12 bis - central bankers'speeches transactions affect under 1 % of retail accounts in 2023. all bank customers will face more checks and steps, and need to adjust to changes, if we are to tighten banking measures further. additional friction may not be welcomed by all. let me give 2 examples. a. if we are to minimize reliance on phishable passwords that can be stolen or given away by the victim, then we have to stop using sms one - time passwords in conjunction with other phishable passwords for authentication, and