KUALA LUMPUR (Dec 22): OCBC Bank (Malaysia) Bhd has launched the OCBC Kill Switch, which allows customers to immediately freeze their bank accounts and cards via self-service interactive voice response if they believe they have been scammed.
The 24/7 service, which aims to safeguard customers against scams, is in line with Bank Negara Malaysia’s call to further strengthen measures against financial scams.
According to OCBC Bank managing director and head of consumer financial services Anne Leh, the bank has been working to protect its customers from online scams, and the OCBC Kill Switch is another initiative along these lines.
“We have been closely following 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 customers 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,” she said.
“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 explained.
The OCBC Kill Switch enables customers to immediately freeze their current, savings and fixed deposit…
