Tech

OCBC SMS scams: Financial institution conducting probe into gaps in processes, MAS contemplating actions to be taken

SINGAPORE – OCBC Financial institution might be conducting an intensive probe to establish the deficiencies in its processes and implement the mandatory measures to deal with them after a spate of SMS phishing scams, mentioned the Financial Authority of Singapore (MAS) on Monday (Jan 17).

Following the assessment, MAS, the nation’s monetary sector regulator, will think about the suitable supervisory actions.

Practically 470 clients misplaced at the least $8.5 million to fraudulent fund transfers in December final 12 months after scammers posed as OCBC and despatched SMSes with hyperlinks to phishing websites to victims.

“MAS takes a severe view of the current phishing scams involving OCBC Financial institution. They’ve considerably impacted a number of clients,” mentioned Ms Ho Hern Shin, MAS’ deputy managing director for monetary supervision.

She added that the authority expects “all affected clients to be handled pretty”, noting that OCBC has begun making payouts to victims of the phishing scams following a assessment of every case.

The monetary regulator has additionally been following up with OCBC on points regarding the incident, together with the financial institution’s incident response and customer support, which OCBC has acknowledged ought to have been higher

“MAS expects all monetary establishments to have strong measures for fraud prevention, detection and remediation, and to supply immediate help to clients who’ve been victims of scams,” mentioned Ms Ho.

“We’re working with the Affiliation of Banks in Singapore on industrywide measures that will must be taken to make sure that digital banking stays safe, environment friendly and trusted.”

You May Also Like

World

France, which has opened its borders to Canadian tourists, is eager to see Canada reopen to the French. The Canadian border remains closed...

Health

Kashechewan First Nation in northern Ontario is experiencing a “deepening state of emergency” as a result of surging COVID-19 cases in the community...

World

The virus that causes COVID-19 could have started spreading in China as early as October 2019, two months before the first case was identified in the central city of Wuhan, a new study...

World

April Ross and Alix Klineman won the first Olympic gold medal for the United States in women’s beach volleyball since 2012 on Friday,...

© 2021 Newslebrity.com - All Rights Reserved.