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.

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