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Singapore MAS Imposed Additional S$330 Million Capital Requirement for OCBC Bank, Nearly 470 Clients Lost S$8.5 Million in December 2021
27th May 2022 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has imposed an additional capital requirement of around S$330 million on OCBC Bank (Apply 1.3x multiplier to weighted assets for operational risk), following the spoofed SMS phishing scams on OCBC clients(More than 470 clients lost at least S$8.5 million in December 2021).Singapore MAS Assistant Managing Director (Banking and Insurance) Marcus Lim: “Financial institutions have a duty to put in place robust measures to prevent, detect and respond to scams. This means ensuring that their controls remain effective against evolving scam tactics, and prompt actions are taken as soon as a scam is detected. Consumers must also remain vigilant against persistent attempts by scammers to deceive them into divulging their log-in credentials or initiating transfers themselves. MAS is working closely with the industry and other agencies to further strengthen our collective defences against scams.”
“ Singapore MAS Imposed Additional S$330 Million Capital Requirement for OCBC Bank, Nearly 470 Clients Lost S$8.5 Million in December 2021 “
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OCBC Bank
OCBC Bank
OCBC Bank now has the following announcement on its website:
BE WARY of SMSes claiming issues with your accounts or social media postings offering free gifts purportedly from the bank. DO NOT click on any links in these SMSes which are phishing links that lead you to fake OCBC websites. Never divulge your banking credentials or one-time passwords to anyone, or key such confidential information into unverified webpages. Find out more on how you can spot a scam with our Security Advisory. If in doubt, call the bank’s official hotline at 1800 363 3333 (or +65 6363 3333 if you are overseas).
Singapore MAS: Following the scams, OCBC engaged an independent firm to review its systems and processes. Deficiencies were noted in the bank’s mitigation of identified risks, pre- and post-transaction controls, incident management and complaints handling, resulting in delays in containment measures and customer response time. The deficiencies identified are in line with MAS’ assessment and the bank is in the process of addressing them. The additional capital requirement imposed takes into consideration actions taken by OCBC to strengthen its controls and its approach to resolving customer complaints following the incident. The additional capital requirement will be reviewed when MAS is satisfied that OCBC has addressed all deficiencies identified in the review.
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