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Is it time to section out SMS OTPs to stem rip-off scourge?

Is it time to section out SMS OTPs to stem rip-off scourge?

SINGAPORE – The latest OCBC Financial institution SMS scams through which practically 470 clients misplaced not less than $8.5 million in December final yr have raised questions on how the rip-off scourge will be handled to guard shoppers.

Many victims of the most recent scams had been fooled as a result of the pretend SMSes had been grouped in the identical SMS thread with real ones despatched beforehand by OCBC for one-time passwords (OTPs) and transaction alerts. The SMS sender identify “OCBC” was spoofed by scammers, who lured victims to click on on fraudulent hyperlinks to entry a pretend banking web site.

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