OCBC has fully reimbursed S$13.7M to scam victims – why this scam will go down in history

By Singapore's Budget Babe • January 30, 2022

OCBC has just announced that it has made "full goodwill payments" to all victims of the recent SMS phishing scam that impersonated the bank. Most have received their payouts, while some others have arranged with the bank to collect at a later date. This fateful OCBC scam will definitely go down in Singapore's history books as for several reasons:

a record number of customers were cheated, in record time
the victims included financially literate and IT-savvy professionals
it helped us learn about SMS spoofing technology
it is the first time a bank has fully compensated scam victims

But it might be a blessing in disguise, considering how it helped the whole Singapore wake up to the idea that scammers are outsmarting us even faster than before, and raised awareness of how we can better protect ourselves. What's more, this was an incident that could have happened to any other bank or financial institution - OCB

...