Following a surge in SMS phishing attacks, OCBC Bank has introduced a kill switch feature that allows customers to instantly freeze their current and savings accounts in case of an emergency.
The kill switch can be activated by selecting option ‘8’ when calling the bank’s official contact number or at approximately 500 standalone OCBC Bank ATMs, with full availability expected by March 2022.
This feature can only be deactivated by a representative from OCBC. Once activated, it effectively halts all activities on current and savings accounts (including joint accounts), disables ATM access, as well as debit and credit cards, and restricts digital banking and access to the OCBC Pay Anyone app. With the kill switch turned on, no transactions can be carried out—whether digitally, through ATMs, or at branches. This includes stopping any recurring or pre-arranged transfers.
The implementation of this security measure comes in response to a recent series of SMS phishing scams affecting banks in Singapore. Earlier this year, OCBC Bank reported that nearly 470 customers collectively lost over $8.5 million in December when scammers masqueraded as the bank, sending SMS messages with links to phishing websites.
In light of these incidents, the central bank has directed all financial institutions to eliminate clickable links in communications sent to retail customers and is considering additional strategies to combat scammers.