SINGAPORE: OCBC Bank said on Wednesday (Jan 19) that all OCBC customers affected by a recent SMS phishing scam will receive a “full bona fide payment” covering the amount of their losses.
More than 100 victims have already received the money, it said in a statement, adding that payment arrangements will be made with all affected customers next week.
“We seek our clients’ understanding and patience as thorough verification of each case takes time to ensure accuracy. This process is necessary so that each case is dealt with fairly and appropriately,” said OCBC Group Chief Executive Officer Helen Wong said.
“We are sorry to spend more time than expected with our customers resolving issues during this painful and anxious time.”
The bank also proactively reached out to customers who may not have known their banking activities were vulnerable to phishing scams, Ms Huang said.
“This helps prevent another 200+ customers from falling prey to the scam,” she added.
OCBC Bank first announced on Monday that it has started offering “good faith payments” to customers who have recently suffered a phishing scam involving the bank.
It did not specify at the time how much was paid and whether all affected customers would receive payment.
Nearly 470 people fell victim to SMS phishing scams involving OCBC Bank in December, with total losses of at least S$8.5 million, according to police.
Victims receive unsolicited text messages claiming there is a problem with their bank account, asking them to click on a link to fix the problem.
They were then redirected to a fake website similar to OCBC Bank and asked to enter their ibanking account login details.
Victims only discovered they had been scammed after they were notified that an unauthorized transaction had charged their bank account.
In a separate statement on Monday, the Monetary Authority of Singapore (MAS) said it took a “serious approach” to the scam and would consider regulatory action against OCBC.
The agency added that it expects all financial institutions to take strong measures to prevent, detect and remediate fraud, and provide timely assistance to customers who experience fraud.
