OCBC staff receive Public Spiritedness Award for thwarting fraud case

SINGAPORE - An employee from a local trading company received an e-mail last month, seemingly from her director, to transfer US$205,000 to a business partner in Malaysia.The transaction drew the attention of OCBC Bank's fraud surveillance unit, as it did not fit the client's usual patterns and the beneficiary was a new payee.

Mr David Chew, director of the Commercial Affairs Department, noted that the bank had no legal obligation to rectify the scam transaction. Losses from such scams have doubled since 2016, according to figures from the police, rising from $25 million to $57.9 million in 2018. The highest loss from such a scam this year was at least $4 million.

In 2018, OCBC recovered roughly $8 million and prevented $20 million worth of fraudulent transactions, the bank said.

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