A circular to banks from the central bank said consumers should not have to bear full financial losses of any fraudulent transactions unless they had

[AZE]

Only 4 percent?! Huat da fug! Banks should hire me as a scam prevention specialist!

Create new jobs, scam prevention ambassador.

 

[lchua6]

If you read in between the lines in MAS circular, it is telling banks that there is no need to pay if it is customer's gross negligence.

They are just putting in the nice way.

 

[stillgottheblues]

Many countries had set laws to ban SMS authentication since 2015.

 

[Athlon_Riser]

Ocbc give back the money

 

[Amamiya]

Only 4 per cent of Singaporeans are able to identify phishing attempts, a 2020 poll showed

jialat…

The scammers who read this news must be damn ecstatic and planning to see which other local bank to hit now.

 

[AndroidComa]

banks using SMS which is close to 30 years technology...
so who is grossly negligent?

they push you to use their app for verification and 2fa right? actually a combi of both online and offline methods for the transaction to go thru is still the best

that's why people still trust cheques

but we copy china blindly la.... everything also wanna go online, but backend chui

same for ev, wanna ev everything but backend chui too


government thinking is good, but they forgot the talent outflow of many engineers due to them not being appreciated in Singapore for the past 2 decades.... replaced by cheapo substandard talents

 

[Level42]

I think the victims have hope to get some compensation. Especially if they can prove that OCBC support was slow. They tried to contact the bank, but were put on hold. They went to the branch, but were told to queue. Banks need to act quickly when customers report the problem. Provide a mechanism to stop everything immediately when customers alert the bank.

 

[avviicc]

Now we have syndicates workshops where their partners' cars purposely knock into other cars in order to cheat insurance $$$ when the cars are sent to workshop for repair..

If bank compensate all those victims, I foresee the scammers will then have a syndicates where they let local partners purposely let the overseas scammers scam their $$$ and then ask the bank to compensate the local partners in order to cheat the bank of $$$.

 

[bigrooster]

the key words: "unless they have been grossly negligent"

 

[standarture]

Nobody constantly studying the situation for cybersecurity? This kind of scam is not old. MAS also sleeping? Always reactive not proactive. Got car repair scam also nobody take action. Is like you put safety barriers to prevent people from jaywalking.

 

[soaresb]

I think the victims have hope to get some compensation. Especially if they can prove that OCBC support was slow. They tried to contact the bank, but were put on hold. They went to the branch, but were told to queue. Banks need to act quickly when customers report the problem. Provide a mechanism to stop everything immediately when customers alert the bank.

Yes, that's why they keep making noise, once one or two influential voices join in, then that will raise their odds considerably. Will be interesting to see whether MAS will stand firm or yield to these populist demands.

 

[lala24]

It’s a circular nia, not a notice.

If banks prove they not negligent and system controls all in place, they wont pay for customer losses one

 

[EdenHazard]

I mean ya i feel sad for the scam victims but if u are a shareholder (which i am not, cos i dun waste time on lame sgx), would you want the bank to ocmpensate?

 

[lala24]

I believe OCBC will extend a goodwill gesture and reinstate 20% to 50% of the funds to the affected customers. Likely this will happen instead of completely ignoring it.

How will goodwill from banks solve the root cause of the issue? It alleviates the pain of current victims but there will be many more victims in future

 

[Standing Birdy]

 

[desmond_yee1]

If you read in between the lines in MAS circular, it is telling banks that there is no need to pay if it is customer's gross negligence.

They are just putting in the nice way.

what defines "gross negligence" ?

 

[Sillyporeboy]

waiting for small space pika pika to tell us that chiu only need to "not connect to the internet" in order to have strong cyber security.

 

[lchua6]

what defines "gross negligence" ?

Negligence is making a mistake a normal person will not make.

I assume gross negligence is knowing there is risk but still do it.

 

[BrOwnTeddy]

banks using SMS which is close to 30 years technology...
so who is grossly negligent?

Find me a better more secure B2P 2FA solution?

 

[comlasa]

I believe OCBC will extend a goodwill gesture and reinstate 20% to 50% of the funds to the affected customers. Likely this will happen instead of completely ignoring it.

This belief has to wait long long but doesn't mean will not happen