Today-Jan 30

OCBC has completed arrangements to fully reimburse all victims of a recent SMS phishing scam with “goodwill payments” to 790 customers totalling S$13.7 million — significantly higher than the figures initially reported. The bank had said on Jan 19 that it would be making arrangements with all customers who were victims of the scam to fully reimburse them by the end of last week. The bank said that of the total money lost by its customers, about 80 per cent was lost during the year-end festive period of Dec 23 to Dec 30 last year. “During this period, the calls made to the bank’s contact centre surged by over 40 per cent,” OCBC said.  At the end of last month, the Singapore Police Force said that at least S$8.5 million from 469 victims were lost due to scams involving SMSes impersonating OCBC. Investigations by the bank have also found that victims who fell prey had provided their online banking log-in credentials and one-time PINs to phishing websites, thereby “enabling the scammers to take over their bank accounts and make fraudulent transactions”. Read more at: https://www.todayonline.com/singapore/ocbc-completes-arrangements-fully-reimburse-all-phishing-scam-victims-who-total-790-combined-losses-s137m-1803146