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The SMS sender name "OCBC" was spoofed by scammers, who lured victims to click on fraudulent links to access a fake banking website.
PHOTO: ST FILE
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SINGAPORE - Victims of a massive bank scam rampant last month were fooled because fake SMS messages appeared in the same SMS thread as genuine ones sent previously by the bank for one-time passwords (OTPs) and transaction alerts.
It turns out the SMS sender name "OCBC" was spoofed by scammers, who lured victims to click on fraudulent links to access a fake banking website. Nearly 470 customers lost at least $8.5 million, making it one of the largest scams to date involving a single bank.
