SINGAPORE – OCBC Bank customers will no longer receive SMS messages about their banking activities, and will instead receive alerts through push notifications and e-mails effective from Friday.
In a push notification sent to its customers on Thursday, the bank said it will no longer use SMS as its default method to inform customers about banking activities such as payments and fund transfers.
According to its website, the bank has been sending alerts via push notification and e-mail since October for activities such as card transactions, cash withdrawals at local ATMs, PayNow fund transfers and bill payments.
“You will also receive e-mails for outgoing bank transactions,” it said, adding that these measures will further protect customers from impersonation and phishing scams.
It said customers can still opt to receive SMS alerts, but they are encouraged to choose push notifications and e-mails instead to protect themselves from scams.
OCBC is not the first bank in Singapore to stop using SMS notifications in order to deter scammers.
DBS’ website states that the bank has been progressively switching to e-mail and digital bank push notifications as its default channels of communication. UOB’s website states that it has stopped sending SMS messages to notify customers of incoming PayNow transactions since March 1 and switched to using e-mail and push notifications.
The Straits Times reported on Tuesday that efforts by retail banks to combat scams have stopped scammers from siphoning $57.6 million from victims in the first nine months of 2023, according to a statement by the Association of Banks in Singapore.
Anti-malware tools rolled out by banks have prevented further losses of at least $18.6 million.
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MCI (P) 066/10/2023. Published by SPH Media Limited, Co. Regn. No. 202120748H. Copyright © 2023 SPH Media Limited. All rights reserved.

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