The OCBC phishing scam made headlines this week. The aftermath, according to the police, at least 469 victims lost a total of S$8.5 million. OCBC has since announced their decision to give "goodwill payouts" to customers hit by an SMS phishing scam.

Jansen Aw, Partner, Disputes & Specialist Practice and Head of Technology and Data Protection Team, Donaldson & Burkinshaw shares his views on whether OCBC has set a precedent with its 'goodwill payout' for scam victims and the possibility of enhancing Singapore's tech and cybersecurity laws for such instances.