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Singapore central bank considers action against OCBC for phishing scam -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: On October 8th 2019, a man walks out from an OCBC Bank branch. Picture taken October 8, 2019. REUTERS/Feline Li/File photo

SINGAPORE, Reuters – Singapore’s central banks said Monday that it would consider taking supervisory actions against Oversea Chinese Banking Corp (OCBC), the second largest lender in Singapore. This comes after hundreds were victim to a phishing scheme last month.

According to reports, the scam cost at least S$8.5 Million ($6.31M) in December. It also ensnared at minimum 469 customers.

The Monetary Authority of Singapore (MAS), stated in a statement that “MAS has taken a serious look at the recent phishing schemes involving OCBC Bank.”

“MAS is following up on the bank regarding these and other issues relating the incident.”

OCBC said that it will carry out a comprehensive investigation to find deficiencies and then implement the necessary steps. “MAS” will review appropriate supervision actions.

OCBC also stated that it would make goodwill payments to victims of the SMS Phishing scam, after having reviewed each case.

The scam claimed that the scheme was extremely aggressive and well-coordinated and exploited people’s fears of credit card or account problems.

($1 = 1.3476 Singapore dollars)

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