OCBC Introduces New Security Feature To Counter Malware Scams
In June, two victims lost close to S$100,000 in their Central Provident Fund (CPF) savings due to a malware scam.
What’s perhaps concerning is that these individuals weren’t the only ones who‘ve lost precious savings after downloading suspicious mobile apps.
In light of these scams, OCBC Bank has rolled out a new security feature that flags risky apps from unofficial stores.
Security feature flags mobile apps from unofficial stores
The Straits Times (ST) reported that Android phone users with the OCBC digital app received the security update on 5 Aug.
The update prevented some mobile users from accessing their OCBC online banking services.
According to ST, those who couldn’t access these services had likely downloaded mobile apps from unofficial portals.
For those in Singapore, official stores include Google Play Store, Apple App store, and Huawei App Gallery.
Affected users had to delete these apps to use the banking services again.
Security feature meant to protect OCBC customers
As it turns out, the security feature was OCBC‘s response to recent malware scams.
However, there has been some pushback from users online.
OCBC has since released a statement on its Facebook page addressing some of these concerns.
Source: OCBC on Facebook
The bank stresses that it does not “monitor customers’ phone activity, nor conduct surveillance on phones”.
It also assured customers that the feature does not collect or store personal data.
OCBC explained the technology behind the new feature, stating that it only detects apps that are not from official app stores.
Furthermore, this detection only kicks in when the OCBC Digitial app is opened.
The bank urged its customers to re-install apps from official app stores should they wish to continue using them.
MAS supports initiative
In a press release dated 8 Aug, the Monetary Authority of Singapore (MAS) stated that it “strongly supports” such initiatives that banks are implementing。
MAS also revealed that it has been working closely with banks in light of malware-related scams.
Addressing OCBC’s recent feature specifically, it said:
OCBC’s latest security feature aims to address the dangers of downloading apps from unauthorised sources, as these may contain malware.
That said, MAS acknowledged that it’s normal for “new innovations” to cause “unintended inconveniences”. However, it will continue to work closely with the banks to improve their security features.
MAS reiterated that these security measures are necessary to maintain “confidence” in digital banking.
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Featured image adapted from Retail News Asia and OCBC Bank for illustration purposes only.
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