How many customers did OCBC reimburse after the SMS phishing scam?

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OCBC Reimbursed 790 Customers Following SMS Phishing Scam

OCBC has completed the reimbursement process for all victims of a recent SMS phishing scam, disbursing a total of S$13.7 million to 790 customers. This figure represents a complete payout for all affected individuals, significantly exceeding initial reports on the scale of customer losses.
Full Reimbursement Completed

The bank confirmed that arrangements for full reimbursement to all scam victims have been finalised. This commitment was met by the end of the week following its initial statement on January 19, ensuring that all 790 customers received their lost funds.
Significant Financial Payout

The total amount disbursed by OCBC amounts to S$13.7 million, which is equivalent to RM42.3 million. This substantial payout underscores the bank's decision to address the financial impact on its customer base following the fraudulent activities.
Enhanced Security Measures Implemented

In response to the scam, OCBC has bolstered its security protocols. These enhancements include initiating transaction notifications for all fund transfers via PayNow and inter-bank payments, even for amounts as low as one cent. These measures have reportedly prevented over 200 customers from becoming victims of further fraudulent activities.
Understanding the Scam Mechanics

Investigations revealed that victims fell prey by divulging their online banking log-in credentials and one-time PINs to phishing websites. This enabled scammers to gain control of their bank accounts and execute fraudulent transactions, highlighting the critical importance of safeguarding sensitive login information.

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How many customers did OCBC reimburse after the SMS phishing scam?

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