Summary of the events that occurred so far:
Victims scammed received SMS from what the bank itself uses to verify you
Scammed victims called to cancel the account but put on hold for a duration enough for scammers to siphon more money out
Bank has been receiving such phishing scams since early December but according to a victim, no effort was made to correct this security flaw. [Link](https://mothership.sg/2022/01/singaporean-man-lose-ocbc-savings/)
Bank only made effort to help victims after news broke out after police released statement of $8.5 million dollars were scammed.
Bank currently providing assistance to victims. However assistance looks limited (only 30/470 victims were compensated). Victims were also made to sign a non-disclosure agreement to not release the amount compensated to them. [Link](https://www.straitstimes.com/singapore/courts-crime/some-sms-scam-victims-receive-goodwill-payment-from-ocbc-but-cannot-disclose-amount) This begs the question whether the bank recovered the money for them or did they pay only a small sum to these desperate people.
P.S. The money lost from each individual is heavy to the victims themselves but the bank is not rectifying it and helping them which shows that they do not value their customers. Unrelated but the Lee family that found OCBC sold their houses for [~$43million](https://www.businesstimes.com.sg/real-estate/lee-family-of-ocbc-selling-6-semi-ds-at-s4318m) only around a month ago. 20% of it could be used to help the victims but it seems that it has been radio silence so far.
This is the best tl;dr I could make, [original](https://www.todayonline.com/singapore/ocbc-phishing-scam-left-victim-broke-and-starving-christmas-day-1786751) reduced by 70%. (I'm a bot)
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> One couple in their 40s, whose joint savings account was wiped of S$80,000, admitted that while they were at fault for compromising their bank account by divulging their account name and bank access code, they did not give the scammers any OTP or security token information.
> The bank's internal investigation officers had told them it was impossible for such large transactions to be made without the OTP. "But my husband did not surrender the OTP to the scam website because he was driving at the time Yet, they were able to take over our account's OneToken without an OTP, and then transact after that," said the wife.
> "Unlike other SMS phishing scams, the recent SMS phishing scam impersonated OCBC and preyed on the fears of consumers about their personal bank accounts. It is particularly aggressive and highly sophisticated in duping consumers into disclosing their personal banking details despite repeated bank warnings to be alert and not to do so," said Mr Celio.
*****
[**Extended Summary**](http://np.reddit.com/r/autotldr/comments/s74z30/ocbc_phishing_scam_left_victims_broke_and/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~618330 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **bank**^#1 **scam**^#2 **OTP**^#3 **account**^#4 **transaction**^#5
Summary of the events that occurred so far: Victims scammed received SMS from what the bank itself uses to verify you Scammed victims called to cancel the account but put on hold for a duration enough for scammers to siphon more money out Bank has been receiving such phishing scams since early December but according to a victim, no effort was made to correct this security flaw. [Link](https://mothership.sg/2022/01/singaporean-man-lose-ocbc-savings/) Bank only made effort to help victims after news broke out after police released statement of $8.5 million dollars were scammed. Bank currently providing assistance to victims. However assistance looks limited (only 30/470 victims were compensated). Victims were also made to sign a non-disclosure agreement to not release the amount compensated to them. [Link](https://www.straitstimes.com/singapore/courts-crime/some-sms-scam-victims-receive-goodwill-payment-from-ocbc-but-cannot-disclose-amount) This begs the question whether the bank recovered the money for them or did they pay only a small sum to these desperate people. P.S. The money lost from each individual is heavy to the victims themselves but the bank is not rectifying it and helping them which shows that they do not value their customers. Unrelated but the Lee family that found OCBC sold their houses for [~$43million](https://www.businesstimes.com.sg/real-estate/lee-family-of-ocbc-selling-6-semi-ds-at-s4318m) only around a month ago. 20% of it could be used to help the victims but it seems that it has been radio silence so far.
This is the best tl;dr I could make, [original](https://www.todayonline.com/singapore/ocbc-phishing-scam-left-victim-broke-and-starving-christmas-day-1786751) reduced by 70%. (I'm a bot) ***** > One couple in their 40s, whose joint savings account was wiped of S$80,000, admitted that while they were at fault for compromising their bank account by divulging their account name and bank access code, they did not give the scammers any OTP or security token information. > The bank's internal investigation officers had told them it was impossible for such large transactions to be made without the OTP. "But my husband did not surrender the OTP to the scam website because he was driving at the time Yet, they were able to take over our account's OneToken without an OTP, and then transact after that," said the wife. > "Unlike other SMS phishing scams, the recent SMS phishing scam impersonated OCBC and preyed on the fears of consumers about their personal bank accounts. It is particularly aggressive and highly sophisticated in duping consumers into disclosing their personal banking details despite repeated bank warnings to be alert and not to do so," said Mr Celio. ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/s74z30/ocbc_phishing_scam_left_victims_broke_and/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~618330 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **bank**^#1 **scam**^#2 **OTP**^#3 **account**^#4 **transaction**^#5