OCBC begins making ‘goodwill payouts’ to scam victims, says response fell short of expectations

The lender also acknowledged that its customer service and response has fallen short of customers’ expectations, especially at a time of stress and anxiety.

OCBC’s group chief executive officer Helen Wong said: “We strongly condemn this scam as it preyed on consumers’ fear and was a highly-coordinated one. We fully understand the concerns and anxiety of our affected customers.

“We have begun making goodwill payouts since Jan 8, 2022. I sincerely ask our customers to allow us the time to conduct a thorough review and validation before we inform them of the payouts.”

As investigations are complex and extensive involving multiple checks and parties, the bank said it needed more time to get back to affected customers to address their concerns.

“We seek our customers’ patience and understanding as investigations are complex, and we apologise that our response fell short of our customers’ expectations during their time of distress,” Ms Wong said.

Affected customers will be contacted as soon as the review and validation of their case is complete, the bank added.

Addressing concerns about the bank’s systems, Ms Wong said: “I want to assure our customers and members of the public that our banking systems and digital banking platforms are safe and secure.”

Digital banking remains a convenient way to do banking but scammers are also increasing in sophistication, she added.

“Therefore, I urge everyone to stay alert and do your banking only at the bank’s official websites and on the official mobile apps. Together with the Association of Banks in Singapore and the Monetary Authority of Singapore, the industry will review to further strengthen the anti-fraud detection and prevention measures,” added the group CEO.