The Monetary Authority of Singapore said in a statement released on 17 January that they are considering taking “supervisory actions” against OCBC bank, and that the recent phishing scams involving the bank is “serious”.
Here is the statement:
“MAS takes a serious view of the recent phishing scams involving OCBC Bank. They have significantly impacted several customers.
OCBC has acknowledged that its incident response and customer service should have been better. MAS has been following up with the bank on these and broader issues relating to the incident.”
“MAS expects all affected customers to be treated fairly. We note OCBC has begun to make payouts to the victims of this phishing scam, following a review of each case.”
“OCBC will conduct a thorough probe to identify the deficiencies in their processes and implement the necessary remedial measures.
MAS will consider appropriate supervisory actions following this review.”