OCBC Has Started Goodwill Payouts To Scam Victims, MAS Hopes They’re Fairly Treated

3 months ago 38

Scam Became Increasingly Aggressive Over Festive Season: OCBC

OCBC Bank has been in the news this week as its customers lost massive amounts of money after falling prey to phishing scams.

Though victims were duped into providing their log-in details to scammers, some have nevertheless expressed the opinion that the bank should do something for those affected.

OCBC has seemingly heard the call, and said that they have been making goodwill payouts to scam victims.


The case has already attracted the attention of the Monetary Authority of Singapore (MAS), which said they hoped victims will be fairly treated.

More than 30 customers received payouts

In a statement sent to MS News on Monday (17 Jan), OCBC said more than 30 customers had received payouts since 8 Jan.

They were made “on goodwill basis” after thorough verification was conducted and the bank had taken into account the circumstances of each case.

Besides setting up a dedicated team to support victims, the bank has also reached out to them to address concerns and assure them of support.

Scam was particularly aggressive

As for the scam, OCBC described it as “particularly aggressive and highly co-ordinated”.

Unlike past cases, which promised “too good to be true” deals, this phishing scam preyed on a uniquely terrifying fear – that there was an issue with their bank accounts or credit cards.

Explaining how the scam worked, they said people would receive an SMS that appea...

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