OCBC’s anti-malware security features have saved more than S$2 million from over 30 customers within its first month.
The feature introduced on 5 August was part of the 18.1 of the OCBC Digital app update for Android. During this period, no OCBC customers using this version or later have reported losses due to malware scams.
More from OMY: Singapore Banks Q2 Performance Down Due to Higher Costs
Between the launch date to 5 September, OCBC received reports from over 30 people whose Android phones were compromised by other apps with malware. These apps were downloaded from unofficial sources. Thankfully, the anti-malware security feature in the OCBC Digital app immediately detected these threats and blocked access, therefore preventing scammers from making unauthorised fund transfers in-app.
The new feature also protects OCBC internet banking by requiring users to have a physical or digital token within the app to log in. This blocks access to the OCBC Digital app promptly and prevents scammers from using the digital token.
The anti-malware security feature blocks access to OCBC bank accounts if the mobile phone has non-officially sourced apps with its “accessibility” permissions enabled. When a malicious app is detected while attempting to use the bank app, the security feature will display a pop-up to identify the malicious app and block access.
Users should remember that this feature does not monitor activities on their mobile phones.
More from OMY: 5 Best Savings Accounts In Singapore With Highest Interest Rate