The OCBC bank scams in Dec 2021 left the whole of Singapore in shock and raised concerns about the security features of banks here.
Following the uproar in the wake of the event, all banks have since reviewed their safety policies, removing links in emails and texts to protect customers.
Now, OCBC is taking things one step further by rolling out a ‘kill switch’ feature that will allow customers to instantly freeze all their accounts in the event of a scam.
In a press release on Wednesday (16 Feb), OCBC revealed that they have rolled out a new ‘kill switch’ feature that customers can employ in the event of an emergency.
Should such a situation arise, customers can instantly freeze all of the following accounts:
Once they successfully do that, nobody will be able to make transactions whether it be digital, or at any ATMs or bank branches.
Regular or scheduled transactions will also be put on hold.
According to OCBC, the feature is already available via their hotline at 1800 363 3333 or +65 6363 3333 if they’re calling from overseas.
To activate it, customers will have to follow these steps:
The bank will also gradually roll out the ‘kill switch’ at about 500 standalone ATMs islandwide by Mar 2022 for easy access.
At the ATMs, customers would have to do the following:
After the activation, a customer service executive from the bank will contact the customer to remove compromised bank account access or cards and issue new ones.
They will only proceed with the deactivation of the old accounts upon receiving customers’ verification.
The bank will then help to restore any previous settings including GIRO arrangements and scheduled transfers after the account suspension.
Due to the scale of the recent scams, the public is understandably fearful of the safety of the money that they have put in their accounts.
With the new feature, hopefully, OCBC customers will have some peace of mind.
Let’s hope that it will be effective in preventing such scams from occurring again.
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Featured image adapted from OCBC.
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