Jan 3, 2022

Woman Loses Almost $100K In Life And Family Savings To Phishing Scam, OCBC Says Chance Of Recovery S

Nearly 470 people lost at least SGD 8.5 million in the recent phishing scam involving OCBC bank. According to the police, most of the amount was lost over the past two weeks. One of the victims is Siti who lost nearly SGD100k on 28 December 2021.

Siti is a mother of 7. She is also married to Muhd Ashraf, an educator.

In an exclusive interview with our reporter from Plan B SG, Siti shared her traumatic experience of having their life savings account wiped out. Out of the money she lost, over SGD6ok belonged to her children.

Source: Facebook

HOW DID IT HAPPEN?

I received an SMS from OCBC, stating that my account was suspended. I clicked on the link and it led me to a website that looked a lot like the original OCBC bank website. I logged in as usual with my details and OTP without much thought. I only realised that the SMS I received had OCBC in brackets later.

Phishing Site

Original OCBC Site

SO WHEN YOU LOGGED IN ONTO THE SITE, THE OTP WAS SENT VIA THE ACTUAL OCBC SMS SYSTEM?

Yes, it came from the OCBC SMS system.

What saddens me the most is how my children’s accounts were not spared.

WHEN DID YOU REALISE THAT YOU WERE IN TROUBLE?

It was when I received an email stating that I changed the withdrawal limit from SGD25k to SGD100k. I sensed something was off and called the bank immediately. But it was too late. The accounts were wiped out within minutes while I was on the phone with OCBC.

Image courtesy of Siti Raudhah

When I finally got to speak with the customer service officer, they could only freeze my account as the money was already transferred out. I was then advised to make a police report.

The report was made and the case is under the CID now. It will take 9 days from the day of the incident for the bank to get back to us. Right now, we are just waiting for the bank’s reply. They said that they will do their best to recover the lost but chances are slim.

OUT OF THE MONEY YOU LOST, HOW MUCH BELONGED TO YOUR CHILDREN?

A little above SGD60k belonged to my children.

The Young Savers’ Accounts weren’t spared. Image courtesy of Siti Raudhah

HOW ARE YOU FEELING AFTER THE WHOLE SITUATION?

This experience changed my view on things. It has affected me so much that I get palpitations when I have to logon to anything online. Whenever I have to speak to anyone from the banks or police, it gives me cold sweats and shivers. My husband mentioned that if this prolongs, I may have to seek help. So for now, I am monitoring myself.

WHAT ARE YOUR THOUGHTS ON THE INCIDENT?

Banks like OCBC shouldn’t take anything lightly, especially with regards to security. After the phishing incidents involving other banks earlier last year, better security is expected to prevent such things from occurring again.

I feel that they were a bit late in addressing this issue. I only received the warning SMS from OCBC on 30 December, two days after the fraudulent transactions were made from my bank accounts.

Image courtesy of Siti Raudhah

Netizens sent their prayers and well wishes for Siti Raudhah and family in the comments section.

OCBC bank warned its customers about the phishing SMSes via various channels including online banking platforms, social media pages and media advisories. Judging by the staggering amount, perhaps it was a little too late when the message was sent out.

CAN THE LOSSES BE RECOVERED?

Both customers and banks have a duty not to facilitate fraud on the customers’ bank accounts. According to an article on The Straits Times dated 27 November 2020, the Police will try to recover funds if it was transferred to a local bank account. They can issue a freeze order to stop the funds from being taken out. Upon completion of investigation, a court order will be sought for the funds to be returned to the rightful owner.

However, the problem arises when the monies were transferred to an overseas bank account. The chances of recovery are slim even though the police will try their very best to work with their international counterparts to recover the money.

Reports of unauthorised transactions should be reported immediately and banks should complete investigations within 21 business days for straightforward cases and up to 45 business days for complex cases.