To be fair to OCBC, the phishing scam is not entirely its fault alone. Many other parties, including the Monetary Authority of Singapore itself, could have been more proactive and innovative in preventing scams but this was overlooked or neglected by all parties until a major occurrence in December 2021.
Here, MAS and the Infocomm Media Development Authority launched the Singapore SMS SenderID protection registry pilot scheme only in August last year as part of efforts to counter spoofing scams. As of now, anyone with enough IT knowledge can still send an SMS with fake ID headers to continue scamming vulnerable victims who can easily be tricked as such messages will appear in the same thread as genuine SMSes from the real organisation.
This is akin to prefixing every overseas call with a"+65" to alert the public of a potential scam call.
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Some SMS scam victims receive goodwill payments from OCBC but cannot disclose amountsSo secretive...haizzz..
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Source: TODAYonline - 🏆 1. / 99 Read more »
OCBC to fully reimburse all victims for money lost to SMS phishing scam; arrangements to be made by next weekSINGAPORE — OCBC Bank will be making arrangements with all customers, who were victims of a recent SMS phishing scam, to be fully reimbursed them for the monies they lost by next week, said the bank on Wednesday (Jan 19). Good gesture. 👍🏻 Nice one...way to show other banks what u do is better than others
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