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.

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.&nbsp;
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.

Money Matters is your guide to navigating the day's most important topics, from politics and current affairs to wealth management and trending issues. Every evening, the team delivers insightful discussions on business news, market movements, and the latest in alternative assets. Whether navigating the political landscape, understanding the economy, or uncovering emerging investment opportunities, Money Matters keeps you informed and ahead of the curve. Tune in daily to Hongbin Jeong and Chua Tian Tian from 4 pm to 7 pm on MONEY FM 89.3.

Money Matters is your guide to navigating the day's most important topics, from politics and current affairs to wealth management and trending issues. Every evening, the team delivers insightful discussions on business news, market movements, and the latest in alternative assets. Whether navigating the political landscape, understanding the economy, or uncovering emerging investment opportunities, Money Matters keeps you informed and ahead of the curve. Tune in daily to Hongbin Jeong and Chua Tian Tian from 4 pm to 7 pm on MONEY FM 89.3.

Advertisement