Singapore Tightens Oversight of Bank Anti-Fraud Plans After Scam
- Move comes after some OCBC clients fell prey to phishing scams
- City is positioning itself as tech and digital banking hub
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The Monetary Authority of Singapore said it would be “intensifying its scrutiny of major financial institutions’ fraud surveillance mechanisms,” as the Asian financial hub grapples with a spate of scams spoofing banks, courts and government health officials.
The move comes after more than 450 customers of Singapore’s second-largest bank, Oversea-Chinese Banking Corp., lost at least S$8.5 million ($6.3 million) to scams impersonating the bank. OCBC said everyone who lost money in the scam will get full goodwill payouts, while apologizing for lapses in how it responded to customers hit by the scams.