OCBC unveils tighter security measures such as customer notifications for all transactions

OCBC unveils tighter security measures such as customer notifications for all transactions

Scam, Ocbc

21/1/2022 3:04:00 PM

OCBC unveils tighter security measures such as customer notifications for all transactions

SINGAPORE — OCBC Bank said it has stepped up its security measures, including initiating transaction notifications for fund transfers through PayNow and inter-bank payments for amounts as low as one cent.

over the incidents that happened during the year-end holiday period.OCBC said on Wednesday that it would be making arrangements with all customers who were victims of the recent scam to be fully reimbursed by next week for the money they lost.It said on Friday that it had already removed clickable links in marketing emails and SMSes since Jan 11, and reduced the default daily limit for funds transfer via PayNow from S$5,000 to S$1,000 on Jan 14.

Customers are also able to adjust it to their needs, to a minimum of S$100. The amount allowed to be transferred per transaction is also reduced from the default of S$1,000 to S$200, said OCBC.It had implemented a 24-hour cooling-off period for digital token provisioning on Dec 31 last year.

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Authorities and telcos could have done more to prevent OCBC scamI refer to the article 'MAS considers action against OCBC for phishing scams'.

Did OCBC set a precedent with its 'goodwill payout' for scam victims? No, lawyers saySINGAPORE: OCBC ’s decision to give 'goodwill payouts' to customers hit by an SMS phishing scam was not surprising given the public attention on the incident, lawyers said, but the

Is contactless payment safe? 5 tips to protect yourself in the wake of OCBC SMS scams

Banks to tighten measures to boost digital banking security: MAS, ABSSINGAPORE: Additional measures will be put in place within the next two weeks to bolster security of digital banking services, following a recent spate of SMS phishing scams targeting bank customers.

Banks to remove clickable links in emails, SMSes sent to customers as part of new security measuresSINGAPORE — Banks in Singapore will be removing clickable links in emails or SMS messages sent to retail customers and set the threshold for funds transfer notifications to customers by default at S$100 or lower. These are part of several measures to protect account holders from phishing scams. It’s better to bring back traditional methods instead of relying on sms and apps online banking for those who prefers over the counters customers services.

shock and distress over the incidents that happened during the year-end holiday period. OCBC said on Wednesday that it would be making arrangements with all customers who were victims of the recent scam to be fully reimbursed by next week for the money they lost. It said on Friday that it had already removed clickable links in marketing emails and SMSes since Jan 11, and reduced the default daily limit for funds transfer via PayNow from S$5,000 to S$1,000 on Jan 14. Customers are also able to adjust it to their needs, to a minimum of S$100. The amount allowed to be transferred per transaction is also reduced from the default of S$1,000 to S$200, said OCBC. It had implemented a 24-hour cooling-off period for digital token provisioning on Dec 31 last year. Other security measures added included those introduced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) which aim to from phishing scams. Other anti-scam security measures that have been in place for some time are: Allowing customers to adjust their account-to-account and overseas funds transfer limits for online banking, including deactivating funds transfers completely by setting their transfer limit to $0 Sending transaction notifications to customers’ existing mobile number or email address registered with the bank whenever there is a request to change their mobile number or email address Not sending SMSes with links regarding banking transactions "We will continue in 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 would like to again remind consumers to be alert, protect their bank account login credentials, and to only perform banking transactions through the bank’s official website and mobile banking apps," said OCBC. Related topics