OCBC Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile3 entries
2023
Wirecard-related anti-money-laundering breach
The Monetary Authority of Singapore fined OCBC S$600,000 for deficiencies in examining unusual transactions and verifying customer ownership and control information in a matter associated with the Wirecard scandal.
2022
OCBC introduces security measures after SMS phishing scams
Company response
OCBC Bank announced and implemented security measures following SMS phishing scams in which nearly 470 customers lost $8.5 million the previous month. The measures included instant transfer alerts, lower default PayNow limits, and a permanent customer service team for fraud reports.
Company response
Remediation — OCBC Bank
OCBC Bank has introduced a slew of new security measures, including sending instant fund transfer alerts to customers even when one cent is transacted.
Remediation — OCBC Bank
The bank has removed clickable links in marketing e-mails and SMS messages since Jan 11.
Remediation — OCBC Bank
A dedicated customer service care team to handle customer queries and reports on fraud was also set up to assist customers who had fallen prey to the SMS phishing scams impersonating OCBC.
Source excerpt
These measures follow a spate of SMS phishing scams which saw nearly 470 customers lose $8.5 million last month.
It has also reduced the default daily limit for PayNow transactions from $5,000 to $1,000, the bank said in a statement on Friday (Jan 21).
OCBC Bank has introduced a slew of new security measures, including sending instant fund transfer alerts to customers even when one cent is transacted.
2021
OCBC phishing-scam incident
Nearly 470 customers lost approximately S$8.5 million after scammers used SMS messages impersonating OCBC to obtain online-banking credentials. OCBC later announced full goodwill payouts for affected victims.