OCBC customers can freeze accounts with 'kill switch'

OCBC Bank customers will be able to immediately freeze all their bank accounts in case of an emergency, such as when they suspect they have been scammed, through a new "kill switch" feature the bank rolled out yesterday.

This is the first time the bank's customers will have access to such a feature. Previously, the freezing of compromised accounts could be done only by bank staff.

Customers can activate the "kill switch" feature by calling the bank's official number on 1800-363-3333 and choosing the option "8".

This function is available at about 500 OCBC ATMs now. By next month, customers can freeze their accounts at all 534 OCBC ATMs here.

On Tuesday, in Parliament, the Monetary Authority of Singapore's (MAS) deputy chairman Lawrence Wong touched on how a similar new feature is being studied by the Government.

Mr Wong, who is Finance Minister, also announced the Government's multi-pronged approach to fighting scams.

The subject has been in the spotlight after 790 OCBC customers lost $13.7 million from last December to January to SMS phishing, which Mr Wong said was "by far the most serious phishing scam we have seen involving spoofed SMSes impersonating banks".

Some affected OCBC customers had complained that it took a long time to get through to OCBC's hotline. By the time the bank was able to take action, scammers had siphoned much of their funds.

Last month, the bank acknowledged that its customer service and response fell short of customers' expectations.

Yesterday, OCBC said the new kill switch feature applies to all current and savings accounts, including joint accounts; ATM access; debit and credit cards; and digital banking, including OCBC Pay Anyone app access.

After this switch is activated, no transactions - whether done digitally, through an ATM or at bank branches - can be made. Recurring or pre-arranged fund transfers will be disabled as well.

This means that cash withdrawals and deposits, such as the crediting of salaries, cannot be done when the kill switch is on.

Other transactions that will be disabled include: Incoming and outgoing local and overseas funds transfers, bill payments, incoming and outgoing Giro transactions, and Nets transactions.

Customers who suspect they have fallen prey to scams or believe details related to their bank accounts have been compromised can activate this kill switch.

After the kill switch is turned on, the customer will be contacted by the bank to verify that the customer had activated the kill switch and, among other things, reset passwords or delete unfamiliar fund transfer payees added recently.

The kill switch can be deactivated, but only by a bank staff, and after verified instructions from the customer have been received.

Upon deactivation, all previous authorised settings on the account will be restored. This includes Giro arrangements.

The entire process of reinstating a customer's account could take 10 minutes to over an hour, depending on the complexity of each case.

OCBC customers can also get dedicated help for suspected fraud by calling OCBC's official number on 1800-363-3333 and selecting the option "9". This "fraud hotline" has been available since Jan 18.

A trained bank staff on the line can help customers freeze all their bank accounts, guide them on making a police report and follow up on their banking activities after the fraud.

Asked if they have features like OCBC's to suspend accounts, DBS and UOB said that customers can freeze their credit cards through the banks' digital banking apps.

They can also get help for scams at the banks' branches without queuing, as well as call the banks' dedicated scam and fraud hotlines for assistance.

DBS said that it is evaluating options that allow customers to block access to their bank accounts themselves.

"These options must be simple to use and, more importantly, minimise any disruptions to our customers' scheduled payment arrangements, such as tax and Giro payments," it added.