Singapore — Industry analysts have said that customers shouldn’t expect reimbursements from banks when they lose money due to scams, which is a view not many netizens share.phishing scamThere are ramifications to this type of reimbursements, some analysts were quoted in a Jan 21 article inMoreover, it could also draw more cybercriminals to target banks in Singapore with their fraudulent schemes.
Having a reimbursement guarantee “might encourage cybercriminals to target Singapore banks’ customers more, since consumers are not so concerned about clicking on fraud SMS messages or emails, et cetera, knowing that they will get their money back regardless. This could lead to more careless behaviour from consumers with respect to a phishing email or SMS messages they receive,” Mr Lim Yihao, head of intelligence for Asia Pacific at cybersecurity firm Mandiant, is quoted inThe article also quotes Ms Emily Lai, the business risk partner at Grant Thornton Singapore, as saying, “When scams occur due to one’s ignorance, fraudulent or negligent actions, like sharing bank tokens, ATM cards, PIN and passwords knowingly to another person, then the onus...
Last month, almost 470 OCBC customers were victims of a recent phishing scam that began with an SMS claiming to have been sent by the bank.
It was a very successful diversion of law enforcement failure .
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Customers should not expect banks to reimburse their money lost in a scam, analysts saySINGAPORE — OCBC bank's move to fully reimburse all its customers who were victims of a recent SMS phishing scam should not set a precedent for the banking industry, professionals in business, law and cybersecurity sectors said. irresponsible article. I think the scammers are digitally more innovative than the banks employed digital experts Safer to keep your money under your mattress.
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Customers shouldn't expect banks to reimburse money lost in scams, but industry guidelines will be helpful: AnalystsSINGAPORE — OCBC bank's move to fully reimburse all its customers who were victims of a recent SMS phishing scam should not set a precedent for the banking industry, professionals in business, law and cybersecurity sectors said. analysts must have no bank accounts or uses biscuit tins? I deposited money in your vault and someone robbed the bank. I see it as same scenarios .. banks are liable . No? Analysts are paid to say things.
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