Monetary Authority of S'pore considering taking supervisory actions against OCBC

MAS said it expects all affected customers to be treated fairly.

Belmont Lay | January 17, 2022, 09:53 PM

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The Monetary Authority of Singapore said the disruption to OCBC Bank’s online banking services was “serious” and it is considering “supervisory actions”.

In a statement to the media on Jan. 17, MAS said:

"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."

Ho Hern Shin, deputy managing director of financial supervision said: "MAS expects all financial institutions to have robust measures for fraud prevention, detection, and remediation, and to provide prompt assistance to customers who have been victims of scams. We are working with the Association of Banks in Singapore on industry-wide measures that may need to be taken to ensure that digital banking remains secure, efficient, and trusted.”