Results of Review Arising from Phishing Scam on OCBC Customers
Prime Minister's OfficeSpeakers
Summary
This question concerns the review of phishing scams on bank customers and the implementation of an interim framework for the equitable sharing of losses. Mr Desmond Choo asked about the effectiveness of anti-scam safeguards and the current understanding with banks regarding financial losses pending a formal framework. Senior Minister Tharman Shanmugaratnam responded that phishing scams involving banks declined from 839 in December 2021 to 113 in May 2022 following the removal of clickable links and enhanced coordination with the police. He stated that the Monetary Authority of Singapore will consult on a loss-sharing framework, though banks are currently expected to investigate cases thoroughly and treat customers fairly. Senior Minister Tharman Shanmugaratnam emphasized that customers who practice good cyber hygiene and protect their login credentials should not be required to bear the financial losses.
Transcript
5 Mr Desmond Choo asked the Prime Minister regarding the review arising from the phishing scam on OCBC customers (a) what is the interim arrangement or understanding with banks when losses occur, pending the completion of the proposed framework for equitable sharing of losses arising from scams; and (b) whether the Ministry has seen a decrease in the prevalence of bank-targeted scams since safeguards, such as the removal of clickable links in e-mails or SMSes sent to retail customers, were implemented earlier this year.
Mr Tharman Shanmugaratnam (for the Prime Minister): Banks have progressively implemented the anti-scam measures announced in January and June. Specifically, banks have stopped sending clickable links in emails or SMS to retail customers and have been closely coordinating with the Singapore Police Force (SPF) Anti-Scam Centre to support rapid account freezing and fund recovery operations. According to statistics from SPF, the number of phishing scams involving banks has declined from a high of 839 during the OCBC phishing scams in December 2021 to 113 in May 2022.
MAS will be publishing a consultation paper on equitable framework for sharing of losses arising from scams. However, pending implementation of the framework, MAS continues to expect banks to thoroughly investigate all scam cases and treat their customers fairly. Customers who had practised good cyber hygiene and were diligent in protecting their login information and one-time passwords from being divulged to third parties should not have to bear losses.