SINGAPORE – A total of 790 people were killed Phishing scam targeting OCBC Bank customers, with losses of $13.7 million.
Singapore’s second largest bank said on Sunday (January 30) that it was taking precautions “Full goodwill payouts” with all the victims of the recent SMS phishing scam posing as a bank.
There have been no other fraudulent transactions related to the scam in recent weeks, he added.
“The OCBC Bank investigation has confirmed that victim-victims had provided their online banking credentials and one-time PINs to phishing websites, allowing the scammers to take over their bank accounts and conduct fraudulent transactions,” it said Sunday .
“Nevertheless, given the circumstances of this scam, OCBC Bank has decided to proceed with the full payout as a one-off goodwill gesture. We also took into account that our customer service and response fell short of our own expectations, which could have impacted mitigation in some cases,” it added.
The bank said it remains committed to keeping customers’ funds safe and will continue to improve its customer service and response.
Victims lost about 80 percent of the $13.7 million during the December 23-30 year-end holiday. The number of calls to the bank’s contact center increased by more than 40 percent during this period.
Police said last month that at least 469 people fell victim to phishing scams involving the bank, with reported losses of at least $8.5 million.
OCBC said Sunday those numbers are based on police reports from victims at the time, and more such reports were filed and filed with the bank this month.
“In addition to those who had made police reports, we also reached out to victims who were unaware they had been scammed,” OCBC said, noting that more than 200 clients were subsequently prevented from becoming victims as a result of their increased measures of fraud to become first wave of fraud.
The bank this month introduced a number of new security measures, including sending instant remittance notifications to customers even if just a penny is transacted.
Also, clickable links in marketing emails and SMS messages have been removed, and the default daily limit for PayNow transactions has been reduced from $5,000 to $1,000.
On December 31 last year, the bank introduced a 24-hour cooling-off period for the provision of digital tokens. It added that by Jan. 31 it will implement the same 24-hour change grace period for major customers.
These measures are consistent with new requirements announced by the Monetary Authority of Singapore and the Association of Banks in Singapore am 19.01