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.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you