OCBC has a range of anti-scam security measures such as the ability for customers to adjust their account-to-account and overseas funds transfer limits for online banking – even disabling fund transfers by setting their transfer limit to $0 – as well as sending transaction notifications to the existing mobile number or email address of customers registered with the bank whenever there is a request to change mobile phone number or email address. We have never sent text messages with links regarding banking transactions. With the recent spate of scams, we have further strengthened security measures, including those introduced in the recent ABS and MAS announcement in response to SMS phishing scams targeting bank customers.
As of January 11, 2022, we have removed clickable links in marketing emails or SMS. On January 14, 2022, we reduced the default daily funds transfer limit for PayNow from $5,000 to $1,000, and customers can adjust it to suit their needs, down to a minimum of $100. The amount allowed to be transferred per transaction is also reduced from the default value of S$1,000 to S$200.
Our transaction notifications for funds transfers and payments for PayNow and FAST transfers are now valued at S$0.01 today.
On December 31, 2021, we implemented a 24-hour cooling-off period for the provisioning of digital tokens. By January 31, 2022, we will also have a 24-hour cooling-off period for key account changes.
To help customers who have fallen prey to the SMS phishing scam impersonating OCBC, we have set up a dedicated customer service team to handle customer queries and fraud reports. This team is now permanent. Our OCBC hotline (1800 363 3333) now contains a dedicated option for customers to escalate reports of suspected scams.
We will continue 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 again remind consumers to be vigilant, protect their bank account login credentials, and only conduct banking transactions through the Bank’s official website and mobile banking apps.
OCBC – Oversea-Chinese Banking Corporation Ltd. published this content on January 21, 2022 and is solely responsible for the information contained therein. Distributed by public, unedited and unmodified, on January 21, 2022 10:01:09 AM UTC.