THE anti-malware security feature on the OCBC Digital app has prevented scammers from making away with more than S$2 million since its launch on Aug 5.

OCBC said in a press release on Thursday (Sep 7) that within a month, more than 30 customers reported malware in sideloaded apps – apps from sources outside official app stores – that compromised their Android mobile phones.

The security feature, which was first rolled out in version 18.1 of the OCBC Digital app for Android, blocked access after detecting these malicious apps. This prevented the scammers, who had taken control of the phones, from making fund transfers through the banking app.

The inaccessibility of digital token within the blocked app also prevented scammers from logging into the OCBC customer’s Internet banking via Web browser.

OCBC highlighted that the losses prevented could be more than the S$2 million in these customers’ savings accounts, as scammers had previously redeemed fixed deposits and unit trusts early or withdrawn cash advances under their credit cards.

“Malware scams targeting Android mobile phone users have increased significantly in the past few months,” said Beaver Chua, head of anti-fraud at OCBC group financial crime compliance.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Chua also highlighted that sideloaded apps have become the main conduits by the scammers to infect, remotely access and control mobile phones. “There was therefore an urgent need for a much stronger defence,” he said.

“We will continue to monitor the landscape and put in necessary safeguards for our customers, while simultaneously educating them so that they can take their own precautions,” Chua added.

OCBC has been utilising technology to combat scams. Its joint operation with Singapore Police Force prevented more than S$22.4 million in losses within four months via robotic process automation technology.