OCBC strengthens security measures after SMS phishing scams

SINGAPORE: OCBC Bank has strengthened security measures in light of the recent spate of SMS phishing scams, which resulted in customers losing a total of at least S $8.5 million.

The bank said in a media statement that the enhanced security measures include those introduced in the recent ABS and MAS announcement in response to the SMS phishing scams.

OCBC said by January 31 it will have a 24 hour cooling off period for key account changes.

The customer service team that was set up to handle customer queries and reports on fraud will now be made permanent. Customers can report suspicious scams on the OCBC hotline.

In its statement, OCBC highlighted its existing anti-scam measures, including the ability for customers to adjust their account-to- account and overseas funds transfer limits for online banking.

Funds transfers can be completely deactivated by setting a S $0 limit.

A request to change a customer's phone number or email address will trigger a transaction notification sent to their existing accounts or emails registered with the bank.

OCBC said that the transaction notifications for funds transfers and payments for PayNow and FAST transfers were set at S $0.01 on Friday.

Since Jan 11 there has been the removal of clickable links in marketing emails or SMSes.

The default funds transfer daily limit for PayNow was reduced by the bank on January 14, from S $5,000 to S $1,000. Its customers can adjust their needs to a minimum of S $100. The amount allowed to be transferred per transaction has been reduced to S $200, from the default of S $1,000.

On December 31 there was a 24 hour cooling off period for digital token provisioning.