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OCBC Bank has introduced an emergency “kill switch” that will give customers the option to freeze their bank accounts if they suspect they are a victim of a scam.
The function, rolled out on Feb. 16, applies to current and savings accounts.
How to activate
It can be activated by using option “8” via the bank’s official contact number or at standalone OCBC Bank ATMs.
The function will be available on all OCBC ATMs by March 2022.
Cut off all transactions
Customers can immediately freeze all their current and savings accounts – including joint accounts – if they suspect they are a victim of a scam or if they believe key account-related details have been compromised.
ATM access, debit and credit cards and digital banking, as well as OCBC Pay Anyone app access, will be affected.
No transactions can be made, including at the ATM or at branches, the bank said.
OCBC added: “Even recurring or pre-arranged fund transfers will be disabled.”
How to enable normal services again
An OCBC customer service executive will contact the customer to remove compromised bank account access or cards.
New ones will be issued once the "kill switch" is activated.
The deactivation of the switch can only be done by a bank branch employee or customer service executive.
This would only be done after receiving duly verified instructions from the customer, OCBC said.
Deactivating the kill switch will allow the customer’s account to return to "normal".
All settings prior to the account suspension will be reinstated, the bank said.
This includes GIRO arrangements and future-dated funds transfers.
This latest measure is part of OCBC’s enhanced anti-scam measures.
It comes after a total of S$13.7 million was lost in phishing scams involving SMSes impersonating OCBC Bank.
Call OCBC Bank’s official contact number (1800 363 3333 or +65 6363 3333 if calling from overseas)
• Press 8 to temporarily suspend your accounts
• Enter 7-digit NRIC number followed by the hash key
• Press 1 to confirm NRIC number
• Enter 16-digit credit or debit card number, or 10-digit ATM card number
• Press 1 to confirm card number
• Press 1 to confirm account and cards suspension
• Press 0 at any time to speak with a customer service executive
Go to an OCBC Bank ATM:
• Login with an ATM / debit / credit card and PIN
• Select ‘More Services’
• Select ‘Suspend your accounts and cards’
• Select ‘Confirm’
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