OCBC’s anti-malware security feature has prevented scammers from stealing more than S$2 million from more than 30 customers in the first month since its launch on 5 August 2023.
The bank received reports from these customers that their Android mobile phones were compromised by sideloaded apps, apps from sources outside of official app stores, and contained malware.
However, the anti-malware security feature in the OCBC Digital app had blocked access upon detection of these malicious apps on the phone.
The anti-malware security feature is also available when accessing OCBC internet banking via a web browser.
A physical hard token, or digital token that is within the OCBC Digital app, is required to log into OCBC internet banking.
OCBC added that stronger security features, supported by the Monetary Authority of Singapore (MAS), will be rolled out to combat malware-related scams.
Beaver Chua, Head of Anti-Fraud, Group Financial Crime Compliance at OCBC said,
“Once customers’ mobile phones have been infected by malware, scammers can remotely access their mobile phones, and make fraudulent transfers from their bank accounts via banking apps. There was therefore an urgent need for a much stronger defence.
We are heartened that since 5 August, none of our customers using version 18.1 of the OCBC Digital app and above have reported losses arising from malware scams.”
Beaver Chua was also one of the panelists for the “Fortifying Financial Frontlines: Insider Insights on Fraud Prevention” webinar hosted by Fintech News Singapore on 6 September. You can watch the webinar here.