OCBC’s Anti-Malware Function Foiled All Rip-off Makes an attempt Since August Launch


OCBC’s anti-malware safety characteristic has prevented scammers from stealing greater than S$2 million from greater than 30 prospects within the first month since its launch on 5 August 2023.

The financial institution acquired experiences from these prospects that their Android cell phones have been compromised by sideloaded apps, apps from sources exterior of official app shops, and contained malware.

Nonetheless, the anti-malware safety characteristic within the OCBC Digital app had blocked entry upon detection of those malicious apps on the telephone.

The anti-malware safety characteristic can also be accessible when accessing OCBC web banking through an online browser.

A bodily onerous token, or digital token that’s inside the OCBC Digital app, is required to log into OCBC web banking.

OCBC added that stronger safety features, supported by the Financial Authority of Singapore (MAS), shall be rolled out to fight malware-related scams.

Beaver Chua

Beaver Chua

Beaver Chua, Head of Anti-Fraud, Group Monetary Crime Compliance at OCBC mentioned,

“As soon as prospects’ cell phones have been contaminated by malware, scammers can remotely entry their cell phones, and make fraudulent transfers from their financial institution accounts through banking apps. There was due to this fact an pressing want for a a lot stronger defence.

 

We’re heartened that since 5 August, none of our prospects utilizing model 18.1 of the OCBC Digital app and above have reported losses arising from malware scams.”

Beaver Chua was additionally one of many panelists for the “Fortifying Monetary Frontlines: Insider Insights on Fraud Prevention” webinar hosted by Fintech Information Singapore on 6 September. You may watch the webinar right here.



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