OCBC Malaysia Rolls Out Kill Switch Available 24/7 to Combat Rising Scamsby Fintech News Malaysia December 22, 2022 0 comments
OCBC Malaysia has beefed up its security measures by introducing a kill switch that will enable its customers to immediately freeze their bank accounts and cards if there is any suspicion of fraud.
Available 24/7, the OCBC Kill Switch is in line with the additional security measures proposed by the Bank Negara Malaysia (BNM) in an effort to combat rising financial scams.
It enables customers to immediately freeze their current, savings and fixed deposit accounts, recurring charges and standing instructions, as well as card transactions at the ATM, and credit/debit cards physically and digitally.
The kill switch can be activated by calling OCBC’s contact center to get a customer service representative to do so upon receiving verified instructions from the customer.
They will then help affected customers block access to their compromised bank accounts or cards, and issue new ones.
OCBC said that once the kill switch is deactivated, the account will return to normal and all prior settings will be reinstated. This includes GIRO arrangements and future-dated fund transfers.
The bank has already rolled out a similar feature in Singapore this year in March after it was affected by a spate of SMS phishing scams.
Anne Leh, Managing Director and Head of Consumer Financial Services at OCBC Malaysia said,
“We have been closely following the rise in scam-related banking transactions to close the gaps that fraudsters look to exploit. This has given rise to the OCBC Kill Switch, which enables customers to take charge.
So, in the event a customer recognises that they have fallen prey to a scam, they can now put in motion the first important step of freezing their accounts far more quickly than ever before.”