OCBC rolls out 'kill switch' so customers can immediately freeze accounts in scams
OCBC O39 : O39 0%on Wednesday (Feb 16) introduced a "kill switch" which allows its customers to immediately freeze all their current and savings accounts during an emergency.
The new measure comes after almost 790 customers lost a total of S$13.7 million to SMS phishing scams since last December.
The kill switch extends to joint accounts, ATM access, debit and credit cards, digital banking, as well as the OCBC Pay Anyone app access. Customers can use this feature if they suspect they are a victim of a scam or believe key account-related details have been compromised.
All transactions - digital, ATM or at branches - cannot be made once the kill switch is activated. Bill payments, cash withdrawals and deposits, Nets, Visa and Mastercard transactions will also not be possible.
Furthermore, recurring or pre-arranged fund transfers will be disabled, including incoming and outgoing Giro transactions.
Customers can activate the kill switch by using option "8" when dialling the bank's official contact number on 1800-363-3333. The feature will also be available at around 500 standalone OCBC ATMs and will be rolled out to all OCBC ATMs by March 2022.
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Only a bank branch employee or a customer service executive can deactivate the kill switch upon verification instructions from the customer. Once deactivated, all settings prior to the kill switch activation will be reinstated - including Giro arrangements and future-dated fund transfers.
OCBC implemented a dedicated option on Jan 18 for customers to seek assistance for incidents of suspected fraud through option "9" on its official contact number. This option allowed customers to freeze all bank accounts and guide them through the process of making a police report in cases of fraud.
On Wednesday, a DBS spokesperson said that the lender is currently evaluating self-managed options that allow customers to block access to their bank accounts if they believe that they may have been compromised.
The spokesperson also noted that such an option would have to be simple to use and minimise disruptions to customers' scheduled payment arrangements, such as tax or GIRO payments.
On Feb 15, deputy chairman of the Monetary Authority of Singapore Lawrence Wong said that the agency was looking into enabling customers to freeze their own accounts without having to contact the banks if they suspect their accounts have been compromised.
He noted that banks today have some of capabilities to immediately block suspicious transactions and verify their authenticity with customers but they are not consistent across different transactions.
READ MORE:
OCBC completes arrangements for full payouts to all 790 SMS phishing victims; S$13.7m in losses
All OCBC phishing scam victims to get their money back, CEO Helen Wong promises
MAS to draw up framework for ‘equitable’ sharing of scam losses
OCBC pays phishing victims; MAS says all customers should be treated fairly
OCBC cautions public about SMS phishing scams after customers lose $140,000 in 10 days
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