Prevention key to tackling scams, customers bear responsibility too: OCBC CEO

PREVENTION is key when it comes to addressing scams, said OCBC chief executive Helen Wong, even as she acknowledged that fraudsters can come up with new modus operandi in their future exploits.

The bank has been strengthening its surveillance systems in light of the recent spate of short message service (SMS) phishing scams that have affected hundreds of customers. The bank does not expect to have to devote large amounts of expenses to scam prevention or to make large provisions for payouts.

"A lot of these capabilities, we already have. It is about switching (them) on," Wong said at the bank's earnings call on Wednesday (Feb 23).