Reduce credit card limit

[BBCWatcher]

so you can but still depends right?

It's up to the bank, but obviously both banks contemplate that they will allow some cardholders some of the time to exceed their credit limits. That's why they have overlimit scenarios spelled out in their fee schedules.

 

[reddevil0728]

It's up to the bank, but obviously both banks contemplate that they will allow some cardholders some of the time to exceed their credit limits. That's why they have overlimit scenarios spelled out in their fee schedules.

right so it still depends

 

[lzydata]

From the media reports, it seems that the scammers managed to transfer out large sums probably above the transfer limits set. I think there might have been failures with OCBC's systems on that part. If they were able to circumvent that, would lowering limits on our end help?

 

[reddevil0728]

From the media reports, it seems that the scammers managed to transfer out large sums probably above the transfer limits set. I think there might have been failures with OCBC's systems on that part. If they were able to circumvent that, would lowering limits on our end help?

Can provide link to report that talks about this?

 

[lzydata]

Can provide link to report that talks about this?

Several mentions by victims that transfer limits seem to have been raised:

https://mothership.sg/2022/01/ocbc-scam-victims/
To me the more worrying failure on the part of the bank is that even when they called their hotline or showed up in person, the bank was not helping the victims as the scammers were busy doing their work.

This part is also concerning:

"Natalie (not her real name), 27, who works in the tech industry, said she was scammed of S$43,000 and another S$7,000 that was borrowed by the scammers using OCBC’s EasiCredit scheme."

 

[zeiten]

I believe in sg, you can’t charge above the limit

So It seems that it's possible to charge above the credit limit, after which the outstanding balance exceeds the credit limit and the bank may impose an over limit fee. This might be proof that what you believed was wrong?

 

[reddevil0728]

So It seems that it's possible to charge above the credit limit, after which the outstanding balance exceeds the credit limit and the bank may impose an over limit fee. This might be proof that what you believed was wrong?

Yep may possibly.

depends on bank and card not blanket

 

[reddevil0728]

Several mentions by victims that transfer limits seem to have been raised:

https://mothership.sg/2022/01/ocbc-scam-victims/
To me the more worrying failure on the part of the bank is that even when they called their hotline or showed up in person, the bank was not helping the victims as the scammers were busy doing their work.

This part is also concerning:

"Natalie (not her real name), 27, who works in the tech industry, said she was scammed of S$43,000 and another S$7,000 that was borrowed by the scammers using OCBC’s EasiCredit scheme."

But which part did it say things happened without the victim providing any password when they click on a link sent Hu scammers via text?

 

[zeiten]

Someone shared with me this link which explains how the OCBC scam works.
"captain-sinkie.com/articles/2022/01/ocbc-phishing-scam-is-extremely-dangerous-for-singaporeans"

 

[CrashWire]

If you're doing this for many cards at a go, do note that each credit review means they will access your credit report and each inquiry will impact your credit score in the short term. The impact will even itself out over long term but if you are looking to maybe get a loan in the short term (housing, etc) then best not to do the credit limit review before then to keep the score healthy

Credit limit decreases aren't considered a new application, and shouldn't affect your credit score.

I believe in sg, you can’t charge above the limit

This is true, but UOB loves hitting me with a $40 overlimit fee whenever I accidentally try paying with a maxed out card — and the transaction didn't even go through!

 

[lzydata]

But which part did it say things happened without the victim providing any password when they click on a link sent Hu scammers via text?

I did not say that it happened without them providing a password. Sadly they provided the user ID and password, then their account was taken over and these limits were changed without going through their OTP or token as is the norm.

 

[reddevil0728]

Someone shared with me this link which explains how the OCBC scam works.
"captain-sinkie.com/articles/2022/01/ocbc-phishing-scam-is-extremely-dangerous-for-singaporeans"

So the issue is still ppl clicking on the link and give people password.

when they could have gone via their usual Channel to login to check.

 

[reddevil0728]

I did not say that it happened without them providing a password. Sadly they provided the user ID and password, then their account was taken over and these limits were changed without going through their OTP or token as is the norm.

Sure then that’s the issue.

but people should still be responsible for their own diligence.

takes 2 hands to clap regardless of how much protection bank are to afford you

 

[wira]

From the media reports, it seems that the scammers managed to transfer out large sums probably above the transfer limits set. I think there might have been failures with OCBC's systems on that part. If they were able to circumvent that, would lowering limits on our end help?

for the ocbc scams, scammers managed to take over the vic accounts including the digital token.
Once scammers can setup digital token on their own devices , they have full control of the accounts and can increase limits and add payees for eg.

 

[wira]

Charge limit is interesting. First time I heard of this. Unfortunately I dun bank with DBS. I’m with UOB and OCBC. How to turn on this feature?

Seems OCBC has it too :
https://www.ocbc.com/personal-banki...s-management/change-withdrawal-spending-limit

DBS Payment controls:
https://www.posb.com.sg/personal/support/card-manage-spending-limit.html

 

[crystalnox]

Several mentions by victims that transfer limits seem to have been raised:

https://mothership.sg/2022/01/ocbc-scam-victims/
To me the more worrying failure on the part of the bank is that even when they called their hotline or showed up in person, the bank was not helping the victims as the scammers were busy doing their work.

This part is also concerning:

"Natalie (not her real name), 27, who works in the tech industry, said she was scammed of S$43,000 and another S$7,000 that was borrowed by the scammers using OCBC’s EasiCredit scheme."

Wow, savvy scammers. Even used EasiCredit to extract more money..

 

[mikelee7900]

Anyone done this before?

I think the banks have given me too much credit on cards and I prefer to lower the credit limit on the cards actually

Yes, call up the credit card department and request to reduce your credit limit. However note that it is easy to reduce limit but difficult to increase later.

 

[wira]

Wow, savvy scammers. Even used EasiCredit to extract more money..

take note most online banking also allows you to transfer money from credit card to bank accounts ( or cash advance ) utilising the card credit limits.

 

[crystalnox]

take note most online banking also allows you to transfer money from credit card to bank accounts ( or cash advance ) utilising the card credit limits.

At this rate, the only safe place left to park money would be CPF SA.

 

[reddevil0728]

At this rate, the only safe place left to park money would be CPF SA.

that might be the case...