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OCBC Bank will make permanent a customer service care team dedicated to handling customer queries and reports on fraud.
The bank announced this new development in its operations in a statement on Jan. 21, in the wake of the SMS phishing scams that has affected some 470 customers and complaints about its tardiness in dealing with those who had reached out to OCBC in times of need.
OCBC reiterated its anti-scam measures
In its statement, OCBC reiterated that it has a range of anti-scam security measures implemented.
These measures include:
- the ability for 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 number or email address registered with the bank whenever there is a request to change their mobile number or email address.
OCBC also stated that clickable links were never used by the bank in banking transaction messages to customers.
OCBC said: "We have never sent SMSes with links regarding banking transactions."
Further enhanced security measures in wake of scams
In the wake of the recent SMS phishing scams, OCBC said it has "further enhanced security measures", including the ones introduced in the recent announcement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) in response to the SMS phishing scams targeting bank customers.
These measures include:
- the removal of clickable links in marketing emails or SMSes since Jan. 11, 2022
- the reduction of the default funds transfer daily limit for PayNow from S$5,000 to S$1,000, and customers are able to adjust it to their needs, to a minimum of S$100 on Jan. 14
- the reduction of the amount allowed to be transferred per transaction from the default of S$1,000 to S$200
- setting the notifications for funds transfers and payments for PayNow and FAST transfers at S$0.01
- the implementation of a 24-hour cooling off period for digital token provisioning since Dec. 31, 2021
- implementing a 24-hour cooling off period for key account changes by Jan. 31, 2022
Permanent dedicated customer service care team
OCBC also said it has set up a dedicated customer service care team to handle customer queries and reports on fraud.
This permanent team is to assist customers who had fallen prey to the SMS phishing scam impersonating OCBC.
OCBC said: "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."
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