With the recent fiasco with the security system of OCBC, the bank has stepped up to further protect its customers.
OCBC recently announced that they will be implementing several measures to help protect their customer’s bank accounts such as:
- Allowing customers to adjust their account-to-account and overseas funds transfer limits for online banking
- deactivating funds transfers completely by setting their transfer limit to $0
- sending transaction notifications to customers’ existing mobile numbers or email addresses registered with the bank whenever there is a request to change their mobile number or email address.
New implementation
- removed clickable links in marketing emails or SMSes.
- The Bank has never sent SMSes with links regarding banking transactions. With the recent spate of scams they have
- reduced the default funds transfer daily limit for PayNow
- The amount allowed to be transferred per transaction is also reduced from the default of S$1,000 to S$200.
Fees
Our transaction notifications for funds transfers and payments for PayNow and FAST transfers are now put at S$0.01 today.
Team
OCBC has implement a team to fight scams. Here is what they say:
To assist customers who had fallen prey to the SMS phishing scam impersonating OCBC, we set up a dedicated customer service care team to handle customer queries and reports on fraud. This team has now been made permanent. Our OCBC hotline (1800 363 3333) now contains a dedicated option for customers to escalate reports of suspected scams.
We will continue in our ongoing efforts to educate and inform customers about scams through multiple channels such as our social media channels, email, SMS, and on our website and mobile banking login pages. We would like to again remind consumers to be alert, protect their bank account login credentials, and to only perform banking transactions through the Bank’s official website and mobile banking apps.