OCBC completes S$13.7mil of goodwill payouts from SMS scams


OCBC started to make goodwill payments on Jan 8, acknowledging at the time that its customer service and response fell short of expectations. — Reuters

Oversea-Chinese Banking Corp said it made S$13.7mil (RM42.30mil) in goodwill payouts to 790 customers who fell prey to an text message phishing scam impersonating the lender.

About 80% of the amount lost occurred during Dec 23-30 festive period, at which time calls to the bank’s contact center surged by over 40%, OCBC said in a statement on Sunday. A previous figure that over 450 customers had been scammed of S$8.5mil (RM26.25mil) was based on police reports made in December, and more victims came forward or were discovered this month, it said.

Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Elon Musk says Tesla will spend $500 million to expand charging network
Binance registers with India's financial watchdog as it seeks to resume operations
FBI working towards nabbing Scattered Spider hackers, official says
Crypto group with 440,000 members launches PAC to target House, Senate elections
TikTok to start labelling AI-generated content as technology becomes more universal
Hong Kong businesses embrace potential of silver economy with more services, tech for rising number of elderly
China carer devotes life to solitary elderly man for 12 years, gets five flats worth millions in thanks for efforts, wins plaudits online
Einstein and anime: Hong Kong university tests AI professors
Foxconn's Q1 profit to jump from low base, AI to power growth
China tech giant Baidu VP apologises after backlash over tough style

Others Also Read