OCBC Malaysia says its customers can now activate the OCBC Kill Switch via their OCBC Mobile Banking app to immediately suspend their banking accounts and cards if they suspect they have been scammed.
Previously, they could only suspend their accounts through the Bank’s phone banking IVR (interactive voice response) service. Customers can activate the Kill Switch function via the OCBC Malaysia Mobile Banking app login screen and follow the stated steps, including verification of their identity. Thereafter, they are able to suspend their accounts, cards and digital banking access.
The 24/7 service aims to safeguard customers against scams, which is in line with Bank Negara Malaysia’s call to further strengthen measures against financial scams. OCBC said it was the first in the country to roll out the kill switch feature in December 2022 via IVR where the service can be accessed by calling. ‘
According to OCBC Bank Managing Director & Head of Consumer Financial Services Ms Anne Leh, the move to introduce the kill-switch-by- mobile-app option stems from the increasingly sophisticated nature of scam attacks, which calls for the fastest possible way for customers to act on their own when they suspect something is amiss with their banking accounts or cards.
“We have been monitoring the rise in scam-related banking transactions and noted the growing sophistication involved in scammers’ tactics when preying on unsuspecting customers and lulling them into divulging their personal details. The ability to access the OCBC Kill Switch directly on the OCBC Mobile Banking app rather than via phone banking enables the customer to take charge of potential scams immediately,” she said.
She added that 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 enables the Bank to put everything on hold while an investigation is carried out.
