The Monetary Authority of Singapore said OCBC Bank will be conducting a thorough probe to identify the deficiencies in its processes and implement the necessary measures to address them in the wake of a spate of SMS phishing scams.

This comes after nearly 470 customers lost at least $8.5 million to fraudulent fund transfers in December 2021. 

In The Straits Times' The Big Story, technology, media and telecoms lawyer Bryan Tan tells video editor Olivia Quay whether it is possible for the affected customers to get their money back. Mr Tan is also the cyber response lead for law firm Pinsent Masons Singapore.