OCBC says it is making goodwill payments to scam victims
The Straits Times|January 18, 2022
Over 30 customers have received payments so far; bank to conduct thorough investigation
Kenny Chee

OCBC Bank said yesterday that it has started making goodwill payments since Jan 8 to customers who lost funds from their bank accounts in a recent spate of SMS phishing scams.

More than 30 customers have received the payments so far.

The Monetary Authority of Singapore (MAS) said yesterday that OCBC will also conduct a thorough probe to identify the deficiencies in its processes and implement the necessary measures to address them, following which MAS will consider the appropriate supervisory actions.

“MAS takes a serious view of the recent phishing scams involving OCBC Bank. They have significantly impacted several customers,” said Ms Ho Hern Shin, MAS’ deputy managing director for financial supervision. MAS expects “all affected customers to be treated fairly”, she added.

OCBC said the payouts to affected customers are made on a goodwill basis after thorough verification, taking into account the circumstances of each case.

It added that customers will be contacted as soon as the review and validation process for their cases are completed.

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