OCBC Bank has rolled out a kill switch that enables its customers to freeze all their current and savings accounts (CASA) in an emergency such as a scam.
The kill switch will also disable ATM access, debit and credit card transactions, as well as access to digital banking and the OCBC Pay Anyone app.
To activate the kill switch, OCBC’s customers only need to select option “8” via the bank’s official contact number, 1800 363 3333 or at 500 standalone OCBC Bank ATMs.
The feature will be rolled out to all OCBC Bank ATMs by March.
Once activated, no transactions can be made. Recurring or pre-arranged fund transfers will also be disabled.
An OCBC Bank customer service executive will contact the customer after the kill switch is activated to remove compromised bank account access or cards, and issue new ones.
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Only a bank branch employee or customer service executive can deactivate the switch – and would only do so after receiving duly verified instructions from the customer. Once the kill switch is deactivated, the customer’s account will return to ‘normal’ and all settings prior to the account suspension – including GIRO arrangements and future-dated funds transfers – will be reinstated, says the bank in a Feb 16 statement.
The kill switch and dedicated “fraud hotline”, which was introduced on Jan 18, come in addition to the enhanced anti-scam measures implemented by the bank, in line with the industry’s efforts.
As at 2.54pm, shares in OCBC are trading 11 cents higher or 0.83% up at $13.37.
Photo: Bloomberg
