Professor Lawrence Loh on OCBC's 'goodwill payouts' to scam victims

OCBC has begun making "goodwill payouts" to customers who fell prey to a recent phishing scam, saying its response fell short of expectations. Professor Lawrence Loh, Director of the Centre for Governance and Sustainability at NUS Business School, shared his views on this move by OCBC.



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[Joel-qcjc]

The SMS come from the 'OCBC'. And the SMS is send by a Telco, so if is it send by Singtel, is Singtel server been hack? If it is been hack and send by their server, I would think the responsibility lies with Singtel and not OCBC. We should find the root of the problem. OCBC is also a victim in this case. The Telco security is been compromised. And they should be responsible.

[chongck]

Disagree..the online banking was introduced by the bank, public fell into the trap because the messages came out from "OCBC" SMS..which the users checked and click on the messages..so the bank should made the payment back to the victims.

[gparamaeswary]

Banks shd have immediate response help for such scams. As this scams will be rampant.
So they can be reached ASAP to verify.

[yummycrepe]

A thorough study must be done on outsourcing our digital system to foreigners run by foreign employees. It is simply foolhardy to think that there is no different with foreigners and local employees when it comes to securities.

[LordAaronus]

some people would rather see the scammers strung up in public

[farrahkong]

It doesn't matter whether it's the shortcoming of the bank or the customer. If a customer carries lots of cash walking through a dark lane and is robbed, it is his shortcoming. An insurance policy will, nevertheless, cover his loss. In this case, while the money was at the bank, it was stolen. The bank can't stay silent but must be accountable for the loss.

[Havokdzs]

It seems that only OCBC account holders got this "random" SMS. How do they know who have an OCBC account? Correct me if I'm wrong. Or is it those who didn't have an OCBC account also gotten the so called SMS.

[awequayzngs]

A lot of these scams undoubtedly came from former sacked bank staff who knew of the tricks and the loopholes !. Evil, greedy hearts !. Lawlessness abound. Deceiving and being Deceived !. Present evil wicked world we are living in. If the heart ❤ is not, is capable of everything that is incredibly evil !. Just like their father of lies.

[nicst]

Maybe a biscuit tin is more secure anyway

[BomBomm]

how is Singapore going to be a financial and digital banking hub when your banking system is susceptible to scams.. seems like holding cash in the bank is never a safe haven anymore

[osmanzng]

There are still some customers who keep more than $75K in a bank. The deposit protection limit is only $75K.
Some banks still notify its customers of its promotions by SMS and provide links. The banks should top this practice.

[alipromo]

Transfer of money for banks should be next day not instantly

[saf]

only woke up due to public outcry & backlash. poor customer service.

[a.b.]

does he know what he is talking about?

[miklee]

How did the scammers get the phone numbers in the place.?
Ocbc is a victim too in this case.

[planeteuropa]

Hundreds of online scams for months...and what were all the people doing ?.. be careful ..u must be careful. That's about it ?

[jessiejames]

What has the world come to when scammers have such power ? Are we really progressing ?

[Karl-kdmc]

I have been receiving phone calls from an unknown number everyday. Unknown numbers should not be allowed. They are up to no good.At times I returned calls and was told the number is not in use. How is this possible. Are telco employees in cahoots

[brutaltruth]

Ocbc investigating if they simulate own scam and now try to get compensation… saw public servant writing in mothership he lost 500k in savings but no news yet from Ocbc

[MrMandaihill]

My condolences to all those who kena...🙁