OCBC phishing scam: Banks should stop using SMS to communicate with customers, experts say

This is because SMS, which stands for Short Message Service and is sent via mobile phones, have been known to be insecure for a very long time and have led to several forms of scams in the past, they told TODAY on Tuesday .in all to the phishing scams, were fooled by fake SMS messages that appeared in the same thread as legitimate text messages by OCBC for one-time passwords and transaction alerts.

OCBC, on its part, has been reminding customers not to click on links in SMS messages purportedly sent by the bank, adding that the bank will never send one to inform them about account closures or reactivation.“I still see people who are security professionals being successfully phished, so it's hard and we cannot expect the consumers to make decisions, especially in a situation like the one that happened,” he added.

Mr Lim Yihao, head of intelligence for Asia Pacific at cybersecurity firm Mandiant, said that doing away with SMS OTPs will reduce SMS scams, but warned that it will not put a stop to attacks on bank customers’ money.WHAT'S BEING DONE TO STEM SPOOF TEXTS This scam tactic is not entirely new. In 2020, the police said that at least S$600,000 was lost between January and May that year to spoofed SMS messages from “banks” claiming that the customer’s accounts had been suspended or deactivated.The registry allows organisations to register their sender ID, which are the names that appear on SMS messages instead of mobile numbers. When fraudsters try to send messages using a sender ID that is registered, the message will be blocked.

Those scums of the Earth fraudsters are a nuisance to innocent victims and scamming people out of their Blood and Sweat life savings. Pray that retribution will befall those scammers a thousand fold!!

Please highlight steps 2 and 6 as a no no.

SG full of experts

Maybe need a voice recognition in order to change the mobile device tagged as a digital token

Bank’s comm with customers should be via bank’s app only. No more sms please. This is scary.

Step 1 is wrong. It should be the bang’s useless security and failed customer service.

Then use wat? Email? Call? Telepathy?

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