OCBC Case Of Phishing Scams
Singapore Did OCBC set a precedent with its 'goodwill payout' for scam victims? No, lawyers say An OCBC branch in Singapore. (File photo: iStock) Vanessa Lim & Tang See Kit 20 Jan 2022 06:30AM (Updated: 20 Jan 2022 06:01AM) Bookmark Share SINGAPORE: OCBC’s decision to give "goodwill payouts" to customers hit by an SMS phishing scam was not surprising given the public attention on the incident, lawyers said, but the move is unlikely to set a precedent for future cases. All affected OCBC customers – at least 469 victims who lost a total of S$8.5 million, according to the police – will receive full payouts covering the money they lost, the bank said on Wednesday (Jan 19). But victims who have been misled into giving their banking details to scammers are often responsible for the money lost, especially if there are no lapses within the bank's internal and IT systems, legal experts said. In the case of OCBC, the provision of bankin...