OCBC Bank Reviews 23

after you save plenty of money in their account, they start to suspend your account and blackmailing you to buy their financial product.

This scam case happened in Oct 2021 in Singapore, my monetary loss is SGD47,500.00 which out from my OCBC account. Police case report No. is A/20211023/2044. When I reported the case to police, funds sitting in the receiving account which is a local OCBC a/c. After I reported the scam case to police, police gave instruction to OCBC Singapore to freeze the account. Unfortunately, the funds were transferred out from the receiving account(scammer’s account) after police gave instruction to OCBC to freeze, due to OCBC’s weak cyber security system and mechanism which lead to my loss, it’s OCBC’s fault and negligence. I had numerous communications with OCBC asking for compensation, reason being:

1. On 22 Oct 2021, I changed the transfer limit on OCBC digital app, after one hour it took effective; however, in other Singapore banks it need to take 24 hours to be effective.
2. There were total FOUR transactions on same day, no OTP required and all released immediately.
3. Scammer hacked OCBC system and sent email by using OCBC official email estatemenATocbc.com to acknowledge the transactions.
4. When I reported the case, funds sitting in the receiving account which is a local a/c. Then money got transferred out after police gave instruction to freeze receiving a/c. It is OCBC’s weak cyber security system and mechanism which lead to customers’ loss, it’s OCBC’s fault and negligence.

OCBC didn’t fully and completely execute police’s order and hold responsible & liable for consumer’s losses.
However, the way OCBC Singapore handling this case is really disappointing. OCBC denied everything and even tried to block my email from communicating with them.

Now I brought this case to FIDReC(Financial Industry Disputes Resolution Centre Ltd) which is a local mediation platform. The case No. is 2022/2861. I have raised lots of queries questioning how OCBC Singapore handled my case throughout the process, which resulting in my monetary loss. We communicated through FIDReC platform, and they kept delaying response to my queries which I raised on 30 Dec 2022. OCBC purely denied everything and refused compensation in Dec 2022.

As an established banking, OCBC Singapore need to follow corporate ethics, take corporate liabilities and responsibilities, compensate consumer’s loss of life saving, due to their fault and negligence.