SINGAPORE – OCBC Bank said on Monday (Jan 17) that it has already been making goodwill payments to customers who lost funds from their bank accounts in a recent spate of SMS phishing scams.
The bank said it has been doing so since Jan 8 and that more than 30 customers have received the payments so far.
“The payouts to this group of customers are made on a goodwill basis after thorough verification, taking into account the circumstances of each case,” OCBC said, adding that affected customers will be contacted as soon as the review and validation process for their cases is completed.
Nearly 470 customers lost at least $8.5 million to fraudulent fund transfers in December last year after scammers posed as OCBC and sent SMSes to victims with links to phishing sites.
The bank did not reveal how much it has paid out or if it intends to fully compensate every victim, when asked by The Straits Times.
Banks have, out of goodwill, not required victims to pay for fraudulent transactions in the past.
In a series of fake credit card payments totalling about $500,000 flagged by the authorities in September last year, affected customers did not have to pay for them if they had taken steps to protect their credentials.
Lawyers have previously said victims misled into giving out their banking details in phishing scams are often responsible for the funds lost, especially if the bank’s information technology system is up to the mark and not compromised.
OCBC said on Monday that it…
