OCBC Bank of Singapore: Victims of phishing SMS scams will be paid in full

Source: China Overseas Chinese Network

According to Singapore's Lianhe Zaobao, on January 19, local time, OCBC Bank of Singapore said that about 470 customers who lost their deposits in last month's phishing SMS network fraud case would receive full bona fide compensation.

Huang Bijuan, president of OCBC Bank, said more than 100 customers have received compensation so far, up from about 30 when the bank announced on Jan. 17. She added that arrangements will be made for all affected customers by next week.

From 1 to 29 December 2021, 469 OCBC customers were defrauded of a total of $8.5 million (Singapore dollars) due to fraudulent phishing of text messages by scammers who took control of bank accounts and stole deposits.

OCBC Bank of Singapore began issuing compensation to affected customers on 8 January. In an earlier statement, the bank said the payments were made on a good faith basis after thorough verification and taking into account the circumstances of each case.

"We seek the understanding and patience of our clients as it takes time to thoroughly validate each case to ensure accuracy," Huang said. This process is necessary so that each case is dealt with fairly and appropriately. We apologize for spending more time than expected during this troubling and anxious time solving our clients' problems. (Liu Yunru)