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OCBC BANK REVEALS NEW SECURITY MEASURES IN RESPONSE TO SCAMS

OCBC Bank revealed their tighter security measures today (21 Jan) in response to the recent saga where scammers spoofed messages in the name of OCBC and scammed almost S$8.5million from 469 customers.

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Some of the measures have already been taken by the bank.

Measures

  • Transaction notifications of fund transfers through PayNow and inter-bank payments even for amounts as low as one cent.
  • Permanent customer service team dedicated to handle customer queries and reports on fraud.
  • Dedicated option in OCBC’s hotline for customers to bring up reports of suspected scams.
  • Removing clickable links in marketing emails and text messages.
  • Daily limit for funds transfer via PayNow reduced from the default S$5,000 to S$1,000.
  • The permissible amount per transaction for transfers is reduced from the default S$1,000 to S$200.
  • Customers will be allowed to adjust their online banking limits for account-to-account and overseas funds transfer, including the option to deactivate funds transfers completely by setting their transfer limit to $0.
  • Transaction notifications will be sent to customers’ existing mobile number or email address registered with the bank whenever there is a request for changing of mobile numbers or email addresses.
  • SMSes regarding banking transactions will not be sent with links.

A 24 hour cooling off period will be implemented on 31 Jan for customers to adjust to the new changes which the banks will implement.

Educate customers about scams

OCBC added that they will continue to play their part in educating their customers about scams as well as would like to remind them to stay vigilant, protect their personal banking information and only use the bank’s official website and apps to do their banking transactions.

Image source: Google Maps

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