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OCBC to pay out customers who lost money in recent SMS phishing scam


BabyBlade
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OCBC Bank said it has begun making goodwill payouts since Jan. 8, 2022 to customers who had fallen prey to the recent SMS phishing scam.

The payouts to this group of customers are made on goodwill basis after thorough verification, taking into account the circumstances of each case, the bank said in a press release on Jan. 17.

To date, more than 30 customers have received the payments.

Particularly aggressive scam

OCBC said the scam was particularly aggressive and highly coordinated as it preyed on people’s fear that there was an issue with their bank accounts or credit cards.

Past cases of SMS phishing scams largely targeted consumers with "too good to be true" deals, OCBC said.

The bank’s investigation has confirmed that victims who had fallen prey had provided their online banking log-in credentials to phishing websites.

The scammers then acted very quickly by fraudulently transferring the monies out of the customers’ bank accounts.

https://mothership.sg/2022/01/ocbc-pay-out-scam-victims/

Question, will DBS do the same "goodwill" payouts for its customers if its customers encounter similar scams? 

 

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24 minutes ago, Fitvip said:

This is on "Good Will" basis. I believe it is due to online pressure. As far as possible, they don't wish to pay!

Not just online. Govt pressure also. Yesterdays ST editorial ask ocbc to pay back. 

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1 hour ago, inlinesix said:

https://en.wikipedia.org/wiki/Caller_ID_spoofing
This is why it shows OCBC number

I didn't read all of it, but I know it's very easy to buy a VoIP machine, create any names you want, create any numbers you want. Send out SMS, create call lines. I was thinking about doing a business with it much earlier on. So it's very easy and you'll call it spoofing.

SMS protocol is broken, bcuz there is no security. It was designed for use by telco (with assumed responsibilities) but now any Tom, Dick and Harry can use it.

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1 hour ago, Fitvip said:

This is on "Good Will" basis. I believe it is due to online pressure. As far as possible, they don't wish to pay!

But if its DBS, maybe online pressure also no use! Haha. 

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53 minutes ago, Mustank said:

Today is bank, tomorrow can be your brokerage account 

better be careful

Time to stash money inside my biscuit tin. But if got house fire how ah? 

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16 minutes ago, BabyBlade said:

Time to stash money inside my biscuit tin. But if got house fire how ah? 

silly....

Spoiler

dig a hole lah....🤣

 

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1 hour ago, Macrosszero said:

When OCBC pays, it’s the shareholders that are paying too

For this amount, it is probably coming out of the bonus pool of some people in OCBC. Really peanuts lah but i think the damage to OCBC's reputation would have been more if they don't.

 

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1 hour ago, BabyBlade said:

Time to stash money inside my biscuit tin. But if got house fire how ah? 

💪 You can put money in CPF 💪

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