OCBC & DBS Roll Out More Anti-Scam Security Measures, Funds Transfer Limits Set Lower

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Banks Have Already Removed Clickable Links In Emails & Texts

The prevalence of phishing scams has been within the information currently, with many well-known organisations stricken by scammers.

Being the protectors of individuals’s hard-earned cash, banks are presupposed to be safer than most.

Thus, at the very least 2 Singapore banks – OCBC and DBS – have already mentioned they’ve rolled out extra safety measures to battle scams.

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One new measure is that the funds switch quantity restrict for purchasers to be despatched an alert will probably be lowered – with OCBC setting it as little as 1 cent.

Alerts for funds transfers set to 1 cent

Ever for the reason that newest OCBC scam ripped by the accounts of over 400 victims, a evident highlight has been shone on the financial institution.

Hence, apart from making full goodwill payouts to victims, they’ll be ensuring these $8.5 million in losses by no means occurs once more.

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One manner is to catch scams early by alerting clients of funds transfers and funds from their account.

According to an media assertion from OCBC seen by MS News, clients will get a notification for transfers as little as 1 Singapore cent (S$0.01).

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This was set on Friday (21 Jan), they mentioned, and applies to transfers together with:

  1. PayNow funds
  2. Fast And Secure Transfers (FAST) between banks in Singapore

PayNow each day restrict decreased

PayNow has been firmly established as a handy, cashless cost methodology, whether or not for companies or between buddies.

Under OCBC’s new measures, the default each day restrict for PayNow funds will now be $1,000 – down from $5,000.

Customers may even regulate that restrict downwards to as little as $100.

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The amount of money that may be transferred per transaction was once $1,000 by default. It will now be $200.

These limits have been in impact since 14 Jan, OCBC mentioned.

24-hour cooling-off interval

When scammers grasp a checking account, victims have remarked on the pace at which important adjustments have been made.

Thus, OCBC will institute a 24-hour cooling-off interval for key account adjustments by 31 Jan.

This follows an identical 24-hour look ahead to digital token provisioning that was carried out on 31 Dec.

Clickable links in marketing emails or SMSes have also been removed by the financial institution, as prescribed by the Monetary Authority of Singapore (MAS), since 11 Jan.

Permanent fraud crew

A everlasting crew has additionally been set as much as deal with queries and reviews on fraud by clients, OCBC mentioned.

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This devoted crew was fashioned to assist customers affected by the SMS phishing scam.

When clients name the OCBC hotline at 1800 363 3333, they’ll now assess an choice to “escalate” reviews of suspected scams.

The financial institution will nonetheless “educate and inform customers” about scams in numerous methods, for instance social media and SMS.

DBS additionally lowers funds switch alert restrict

Another native financial institution, DBS, additionally lately warned about scammers targeting their customers.

Hence, in keeping with MAS’ stipulations, they’ll even be rolling out stronger measures of their very own, they mentioned in an e-mail despatched to clients that was seen by MS News.

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Like OCBC, they’ll be reducing the restrict for purchasers to be alerted of funds transfers on their account.

Notifications will probably be despatched for transactions of $100 or decrease, by default, DBS mentioned.

Customers can even have the ability to regulate this restrict, permitting the financial institution to ship them an alert for switch quantities as little as $1, over Internet banking.

Safeguards for account adjustments

When scammers get management of an account, one of many issues they may do is change its registered e-mail handle or cell quantity.

Thus, when DBS receives such a request, they’ll now notify the present e-mail or cell registered with the financial institution.

When they obtain requests to vary different key account particulars, like a buyer’s contact particulars, there’ll even be a cooling-off interval.

Before activating a brand new comfortable token on a cell machine, there can even be a delay of at the very least 12 hours.

Such measures will hopefully serve to discourage or decelerate scammers accessing an account.

No extra non-essential texts

Most financial institution clients are used to getting promotional SMS messages from banks sometimes.

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However, DBS will cease this observe for good, vowing to not ship any extra non-essential texts retail and wealth clients.

Even the important texts the financial institution will ship – normally for safety and commerce notifications and OTP authentication – may have no clickable hyperlinks.

DBS suggested clients to not click on on any hyperlinks in texts that appear to come back from the financial institution.

They assured that they’ll by no means ask for delicate information like account particulars, User ID, PIN or OTPs over the telephone, e-mail or by way of SMS.

The financial institution can even ship out rip-off schooling alerts to clients, and their devoted groups will prioritise suggestions on suspected fraud circumstances.

Kudos on their fast motion

Kudos to the banks for taking fast motion in opposition to scams.

As clients, we must also educate ourselves on scams and try to be vigilant.

Hopefully, on account of these measures and the general public consideration, fewer individuals will fall prey to those nefarious deeds.

Have information you need to share? Get in contact with us by way of e-mail at news@pisev.com.

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