20-01-2022, 09:36 AM
Vanessa Lim
Tang See Kit
20 Jan 2022 06:30AM
(Updated: 20 Jan 2022 06:01AM)
SINGAPORE: OCBC’s decision to give "goodwill payouts" to customers hit by an SMS phishing scam was not surprising given the public attention on the incident, lawyers said, but the move is unlikely to set a precedent for future cases.
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In the case of OCBC, the provision of banking passwords by customers to the crooks "would have been the initial trigger", said Mr Bryan Tan, partner at law firm Pinsent Masons. "The legal position is still the same."
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the OCBC payout is unlikely to set a precedent and customers should not be lulled into a false sense of security, lawyer Amolat Singh said.
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However, financial institutions can still be held liable if they are found to be negligent.
This includes failing to update software requirements as well as taking reasonable steps to fully protect the interests of the clients, said Mr Lam.
In the case of OCBC, whether the bank bears responsibility depends on factors such as the cause which led to the incident as well as if there were any lapses during the process of addressing the situation, he said.
Citing media reports about how some victims were left on hold on the bank's hotlines for extended periods of time, Mr Lam added: "That might be a potentially problematic area for the bank. Because there were complaints about customers left hanging for half an hour and so on and so forth, that in itself may amount to a lapse."
https://www.channelnewsasia.com/singapor...rs-2445061
Tang See Kit
20 Jan 2022 06:30AM
(Updated: 20 Jan 2022 06:01AM)
SINGAPORE: OCBC’s decision to give "goodwill payouts" to customers hit by an SMS phishing scam was not surprising given the public attention on the incident, lawyers said, but the move is unlikely to set a precedent for future cases.
......
In the case of OCBC, the provision of banking passwords by customers to the crooks "would have been the initial trigger", said Mr Bryan Tan, partner at law firm Pinsent Masons. "The legal position is still the same."
......
the OCBC payout is unlikely to set a precedent and customers should not be lulled into a false sense of security, lawyer Amolat Singh said.
......
However, financial institutions can still be held liable if they are found to be negligent.
This includes failing to update software requirements as well as taking reasonable steps to fully protect the interests of the clients, said Mr Lam.
In the case of OCBC, whether the bank bears responsibility depends on factors such as the cause which led to the incident as well as if there were any lapses during the process of addressing the situation, he said.
Citing media reports about how some victims were left on hold on the bank's hotlines for extended periods of time, Mr Lam added: "That might be a potentially problematic area for the bank. Because there were complaints about customers left hanging for half an hour and so on and so forth, that in itself may amount to a lapse."
https://www.channelnewsasia.com/singapor...rs-2445061