OCBC Bank encouraging customers to counter scams by switching from OTP by SMS to OCBC OneToken
OCBC Bank (Malaysia) Berhad (OCBC Bank) is calling on its customers to make it more difficult for fraudsters to trick them by switching from one-time passwords (OTP) by SMS to the more secure OCBC OneToken.
The Bank become one of the early adopters of digital tokens when it introduced OCBC OneToken in early 2019.
OCBC OneToken is a digital token available in the OCBC Malaysia Mobile Banking app that allows customers to securely generate the OTP to authorise their online banking transactions. For added security, OCBC OneToken can only be activated on a single mobile phone at any given time. In addition to providing two factor authentication (2FA) security, OCBC OneToken has built-in defence capabilities to detect threats on customers’ mobile phones.
To aid the transition from SMS to OCBC OneToken, OCBC Bank is rolling out a communications plan that includes electronic direct mailers, social media and the Bank’s website alongside guiding their customers on how to make the switch seamlessly.
Upon successful OCBC OneToken activation, customers will receive SMS and email alert notifications. As an additional safeguard following this, OCBC Bank’s customers can only access OCBC Online Banking after a 12-hour cooling-off period.
According to Dato’ Ong Eng Bin, CEO of OCBC Bank, majority of the Bank’s customers have already made the switch to OCBC OneToken but there remains several more who have yet to make the important move.
“Fraudsters are looking to exploit any mistake by customers in order to gain access to their accounts online. Because of this, it is imperative that all the doors are firmly shut against them. A significant step every customer can take to protect themselves is to switch from receiving an OTP by SMS to OCBC OneToken instead. This blocks out one of the most common ways through which fraudsters try to trick customers into divulging their personal details and OTPs. While majority of our customers have made the switch, we hope the rest will follow suit too, so scammers are duly kept at bay,” he said.
Dato’ Ong added that, by default, all the IVR messages for the Bank’s contact centre numbers, whether for individuals or corporates, begin by asking if they wish to report a scam; if they do, the next step would be simply to press “9” to be put in touch with a customer service officer. Only after inviting a person to report a scam does the IVR move on to the other options.
“As a banking group with 90 years of giving to communities and as we celebrate the milestone this year, OCBC Bank looks forward to continuing its duty of care to its customers,” he said.
For more information on OCBC OneToken, customers can visit the OCBC Bank website at www.ocbc.com.my and then navigate to “Banking for individuals” > “Personal Banking” > “Digital Banking” > “Security Measures”.
Alternatively, customers can also call the following numbers for assistance: Personal Banking +603 8317 5000, Premier Banking +603 8315 4288, OCBC Al-Amin Personal Banking +603 8314 9310.