OCBC Bank Malaysia has introduced a kill switch if customers detect when they have been scammed, the 24/7 self-service interactive voice response will enable customers to immediately freeze their banking accounts and cards is they suspect of being scammed.
The heightened level of security in financial services is in line with Bank Negara’s call for banks to increase measures to safeguard customers from the increasing level of scammers targetting Malaysian users.
According to OCBC Bank Managing Director & Head of Consumer Financial Services, Ms Anne Leh, the Bank has been working to protect its customers against online scams, and the OCBC Kill Switch is yet another initiative toward this end.
“We have been following closely the rise in scam-related banking transactions to close the gaps that fraudsters look to exploit. This has given rise to the OCBC Kill Switch, which enables the customer to take charge. So, in the event a customer recognises that they have fallen prey to a scam, they can now put in motion the first important step of freezing their accounts far more quickly than ever before.
“Once the OCBC Kill Switch is activated, no outgoing transactions – whether they’re done digitally, via an ATM or at branches – can be made. Even recurring or pre-arranged fund transfers will be disabled. This will enable us to put everything on hold while an investigation is carried out,” she said.
The OCBC Kill Switch enables customers to immediately freeze their current, savings and fixed deposit accounts; recurring charges and standing instructions; and card transactions at the ATM and credit/debit cards physically and digitally. Customers can activate the OCBC Kill Switch by calling the Bank’s contact centre at 03-8317 5000 and pressing ‘8’.
Ms Leh added, “Our Customer Service Executives will help affected customers block access to their compromised bank account or cards, and issue new cards. Only our bank staff can deactivate the OCBC Kill Switch, and this will only be carried out after receiving verified instructions from the customer. Once the OCBC Kill Switch is deactivated, the account will return to normal and all prior settings, including GIRO arrangements and future-dated fund transfers, will be reinstated.”
