Commentary: Phishing and other SMS scams – shouldn’t banks bear the cost?-To The Moon - Tiger Brokers Online Investing Community

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Commentary: Phishing and other SMS scams – shouldn’t banks bear the cost?

CNA2022-01-10

SINGAPORE: In December 2021, OCBC Bank made several announcements warning about scams targeting OCBC customers. These SMSes purportedly from OCBC claimed there were issues with the recipient’s bank ...

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ditti
·2022-01-10
Ask telcos too. Why so easy to spoof authentic business numbers?
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This phishing problem is a shared responsibility, Pinsent Masons partner Bryan Tan says.","content":"<html><body><div><p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">SINGAPORE: In December 2021, OCBC Bank made several announcements warning about scams targeting OCBC customers.<span>  </span></span></p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">These SMSes purportedly from OCBC claimed there were issues with the recipient’s bank accounts or credit cards. But they were not actually sent from the bank. </span></p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Instead, the SMSes carried links to a fraudulent website requesting for banking information and passwords to resolve these “issues”. </span></p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Unsuspecting customers would be asked to key in sensitive bank account login information like their username, PIN and One-Time Password (OTP). </span></p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">Using this information, the scammers could then transfer monies out of the affected customers’ accounts and carry out other transactions.</span></p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">The scammers would reroute received monies through various, often overseas accounts, making it difficult to track their movement and even harder to recover the cash.</span></p>\n<p><span lang=\"EN-GB\" xml:lang=\"EN-GB\">At least S$8.5 million have been lost in December to such scams involving OCBC, according to the Singapore Police Force.</span></p></div></body></html>","source":"can_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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