current phishing scams for bank of america

Check-Cashing ScamsĪnother scam involving checks is the check-cashing scam. You’re also out any funds you wired to them and the product if you shipped it. Unfortunately, since the check was fake, you could owe the bank a returned check fee. Then, they ask you to deposit the money in the bank and wire the difference back to you. Overpayment scams typically begin with someone sending you a counterfeit check or money order for more than the amount owed. MAS is working closely with the industry and other agencies to further strengthen our collective defences against scams.If you provide services or sell products online, you could fall victim to an overpayment scam.

Consumers must also remain vigilant against persistent attempts by scammers to deceive them into divulging their log-in credentials or initiating transfers themselves. This means ensuring that their controls remain effective against evolving scam tactics, and prompt actions are taken as soon as a scam is detected.

Mr Marcus Lim, Assistant Managing Director (Banking and Insurance), MAS, said, “Financial institutions have a duty to put in place robust measures to prevent, detect and respond to scams. The additional capital requirement will be reviewed when MAS is satisfied that OCBC has addressed all deficiencies identified in the review.Ĥ. The additional capital requirement imposed takes into consideration actions taken by OCBC to strengthen its controls and its approach to resolving customer complaints following the incident. The deficiencies identified are in line with MAS’ assessment and the bank is in the process of addressing them.ģ. Deficiencies were noted in the bank’s mitigation of identified risks, pre- and post-transaction controls, incident management and complaints handling, resulting in delays in containment measures and customer response time. Following the scams, OCBC engaged an independent firm to review its systems and processes. This translates to an additional amount of approximately S$330 million in regulatory capital (based on reported financial statements as at 31 March 2022).Ģ. OCBC is required to apply a multiplier of 1.3 times to its risk-weighted assets for operational risk. The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement, of approximately S$330 million, on OCBC Bank (OCBC), given deficiencies in the bank’s response to a wave of spoofed SMS phishing scams in December 2021.

Current phishing scams for bank of america