MAS will consider supervisory actions against OCBC for phishing scam, adds all customers should be treated fairly
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Monday (Jan 17) that it will consider supervisory actions against OCBC, following a phishing scam that affected hundreds of the bank’s customers.
“MAS takes a serious view of the recent phishing scams involving OCBC Bank," said its deputy managing director for financial supervision Ho Hern Shin in a statement, adding that the central bank has been following up with OCBC on this and broader issues relating to the scam.
“OCBC will conduct a thorough probe to identify the deficiencies in their processes and implement the necessary remedial measures. MAS will consider appropriate supervisory actions following this review."
Nearly 470 people have lost a total of S$8.5 million to the SMS phishing scams involving OCBC since last December.
MAS noted that OCBC has started making “goodwill payouts” to customers hit by the SMS phishing scam and said it “expects all affected customers to be treated fairly”.
In its statement, the central bank said it expects all financial institutions to have robust measures for fraud prevention, detection and remediation, as well as provide prompt assistance to customers who have been victims of scams.
“We are working with the Association of Banks in Singapore on industry-wide measures that may need to be taken to ensure that digital banking remains secure, efficient, and trusted," Ms Ho said.