SINGAPORE: OCBC Bank on Wednesday (Feb 16) rolled out an emergency “kill switch” that may allow customers to freeze their financial institution accounts if they think they’re a sufferer of a scam.
The operate, which can be utilized for each present and financial savings accounts, might be activated through the use of possibility “8” through the financial institution’s official contact quantity or at standalone OCBC Bank ATMs.
This is a component of OCBC’s enhanced anti-scam measures following a current high-profile case, the place a complete of S$13.7 million was lost in phishing scams involving SMSes impersonating OCBC Bank.
The operate might be out there on all OCBC ATMs by March.
With the “kill switch”, customers can instantly freeze all their present and financial savings accounts – together with joint accounts – if they think they’re a sufferer of a scam or in the event that they consider key account-related particulars have been in any other case compromised.
ATM entry, debit and bank cards and digital banking, in addition to OCBC Pay Anyone app entry, may also be affected.
“Once the ‘kill switch’ is activated, no transactions – whether done digitally, via an ATM or at branches – can be made,” the financial institution stated. “Even recurring or pre-arranged fund transfers will be disabled.”