Banking News

OCBC present '' kill button ' so clients can promptly ice up accounts in rip-offs

OCBC O39 on Wednesday (Feb 16) presented a “kill button” which permits its clients to promptly ice up all their present and also interest-bearing accounts throughout an emergency situation.

The brand-new action follows practically 790 clients shed a total amount of S$ 13.7 million to text phishing rip-offs considering that last December.

The kill button encompasses joint accounts, atm machine gain access to, debit and also bank card, electronic financial, along with the OCBC Pay Anybody application gain access to. Clients can utilize this function if they think they are a sufferer of a rip-off or think vital account-related information have actually been endangered.

All deals – electronic, atm machine or at branches – can not be made when the kill button is triggered. Costs settlements, money withdrawals and also down payments, Internet, Visa and also Mastercard deals will certainly likewise not be feasible.

Moreover, persisting or pre-arranged fund transfers will certainly be impaired, consisting of inbound and also outbound Giro deals.

Clients can turn on the kill button by utilizing choice “8” when calling the financial institution’s main get in touch with number on 1800-363-3333. The function will certainly likewise be offered at around 500 standalone OCBC Atm machines and also will certainly be presented to all OCBC Atm Machines by March 2022.

Just a financial institution branch staff member or a customer care exec can shut down the kill button upon confirmation guidelines from the client. When shut off, all setups before the kill button activation will certainly be renewed – consisting of Giro plans and also future-dated fund transfers.

OCBC carried out a devoted choice on Jan 18 for clients to look for support for events of believed fraudulence via choice “9” on its main get in touch with number. This choice enabled clients to ice up all savings account and also assist them via the procedure of making a cops record in instances of fraudulence.

On Wednesday, a DBS agent claimed that the loan provider is presently examining self-managed choices that enable clients to obstruct accessibility to their savings account if they think that they might have been endangered.

The agent likewise kept in mind that such an alternative would certainly need to be straightforward to make use of and also reduce interruptions to clients’ scheduled repayment plans, such as tax obligation or GIRO settlements.

On Feb 15, replacement chairman of the Monetary Authority of Singapore Lawrence Wong claimed that the company was considering allowing clients to freeze their very own accounts without needing to call the financial institutions if they think their accounts have actually been endangered.

He kept in mind that financial institutions today have a few of abilities to promptly obstruct questionable deals and also confirm their credibility with clients however they are not constant throughout various deals.


  • OCBC finishes plans for complete payments to all 790 SMS phishing targets; S$ 13.7 m in losses
  • All OCBC phishing fraud targets to obtain their cash back, chief executive officer Helen Wong guarantees
  • MAS to create structure for ‘fair’ sharing of fraud losses
  • Scrap SMS usage in wake of climbing rip-offs, financial institutions advised
  • OCBC pays phishing targets; MAS states all clients ought to be dealt with relatively
  • OCBC warns public concerning SMS phishing rip-offs after clients shed $140,000 in 10 days

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