{"id":694,"date":"2022-03-10T08:39:38","date_gmt":"2022-03-10T08:39:38","guid":{"rendered":"http:\/\/threatcop.com\/blog\/?p=694"},"modified":"2024-08-13T12:05:12","modified_gmt":"2024-08-13T06:35:12","slug":"sms-phishing-scam-ocbc-bank","status":"publish","type":"post","link":"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/","title":{"rendered":"SMS Phishing Scam: OCBC Bank\u2019s Customers lost $8.5 Million"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\">On 30th December 2021,&nbsp;<strong>Singapore police<\/strong>&nbsp;made an announcement that a widespread&nbsp;<strong>phishing scam occurred through SMS<\/strong>. These messages were impersonated on behalf of OCBC Bank, which&nbsp;<strong>incurred a financial loss of $13.7 million<\/strong>.<\/span><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #414141;color:#414141\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #414141;color:#414141\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#SMS_Phishing_Scam_at_OCBC_Bank\" >SMS Phishing Scam at OCBC Bank<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#Book_a_Free_Demo_Call_with_Our_People_Security_Expert\" >Book a Free Demo Call with Our People Security Expert<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#Enter_your_details\" >Enter your details<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#Actions_Taken_by_Bank\" >Actions Taken by Bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#The_Bank_Has_Announced_Remittance\" >The Bank Has Announced Remittance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#What_is_an_SMS_Phishing_Scam\" >What is an SMS Phishing Scam?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#Examples_of_SMS_phishing_scams\" >Examples of SMS phishing scams<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#SMS_Phishing_Scam_Statistics\" >SMS Phishing Scam Statistics<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#Recent_Cases_of_SMS_Phishing_Scams\" >Recent Cases of SMS Phishing Scams<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#KYC_Scam_in_Mumbai\" >KYC Scam in Mumbai<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#NatWest_Scam\" >NatWest Scam<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#How_to_Prevent_SMS_Phishing_Scams\" >How to Prevent SMS Phishing Scams?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/#Aware_Your_Employees_and_Customers_about_Smishing\" >Aware Your Employees and Customers about Smishing<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">It is shocking to witness that users are still getting tricked by SMS phishing attacks. This attack created havoc in the security systems and security guidelines of banks and the country of Singapore as a whole. The bank observed an&nbsp;<strong>increase in the number of SMS phishing scams around New Year\u2019s Eve<\/strong>.<\/span><\/p>\n\n<style type=\"text\/css\">\n      @media print, screen and (max-width: 63.99875em){\n      .tnp-submit\n      width: 48%;\n      }\n      .wp-block-tnp-minimal{\n      padding: 20px;\n      }\n      .blog_para\n      margin-top: 4px !important;\n      line-height: 25px !important;\n      font-size: 15px !important;\n      }\n\n      }\n      .blog_para{\n      font-family: jost,sans-serif;\n      margin-top: 14px;\n      margin-bottom: 30px;\n      color: #fff;\n      font-size: 15px !important;\n      color: black !important;\n\n      }\n\n      .wp-block-tnp-minimal{\n      padding:20px;\n      border: 1px solid grey;\n      }\n\n      .tnp-submit a{\n        background: #1d58c7!important;\n    border-radius: 5px!important;\n    text-transform: inherit!important;\n    padding: 8px 25px!important;\n    font-weight: 600!important;\n    color: #fff!important;\n    width: 30%!important;\n    border: none;\n      }\n\n      .blog_get{\n      font-size: 24px !important;\n      font-weight: 700;\n      padding-bottom: 0px;\n    font-family: 'Poppins' !important;\n      margin-bottom: 0px;\n      margin-top: 0px;\n      margin-bottom: 0px !important;\n      color: white;\n          line-height: 30px;\n          color: white;\n      }\n      .row{\n             display: flex;\n    flex-wrap: wrap;\n    flex-direction: row;\n    padding: 25px 0px 25px 36px;\n    align-items: center;\n\n      }\n\n.colLeft{\n         flex-basis:50%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n    color: white;\n}\n    \n .colRight{\n       flex-basis: 45%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n }\n\n.tnp-subscription-minimal{\n    float: right;\n}\n<\/style>\n<div style=\"max-width: 741px; margin: 0 auto; background-image: url('https:\/\/awareness.threatcop.ai\/marketing\/linkedinlowerbanner.webp'); background-repeat: no-repeat; background-size: cover; background-position: center; \">\n<div class=\"row\">\n<div class=\"colLeft\">\n<p class=\"blog_get\" style=\"font-family: 'Poppins' !important; color: white !important\">Subscribe to Our Newsletter On Linkedin<\/p>\n<p class=\"blog_para\" style=\"font-size: 16px;font-family: 'Poppins' !important; color: white !important; margin-top: 10px; margin-bottom: 28px;line-height: 25px;\">Sign up to Stay Tuned with the Latest Cyber Security News and Updates<\/p>\n\n<div>\n<div class=\"tnp\" style=\"margin-bottom: 10px;\">\n            <form action=\"https:\/\/threatcop.com\/newsletter-thank-you\" method=\"get\" target=\"_blank\">\n<div class=\"tnp-submit\">\n                  <a class=\"libutton\" href=\"https:\/\/www.linkedin.com\/build-relation\/newsletter-follow?entityUrn=7062043746430783488\" target=\"_blank\" rel=\"noopener\">Subscribe<\/a><\/div>\n<\/form><\/div>\n<\/div>\n<\/div>\n<div class=\"colRight\">\n<div>\n<div class=\"tnp tnp-subscription-minimal \">\n            <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/marketing\/newsletter-icon.webp\" class=\"img-fluid\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading fittexted_for_content_h2\"><span class=\"ez-toc-section\" id=\"SMS_Phishing_Scam_at_OCBC_Bank\"><\/span><strong>SMS Phishing Scam at OCBC Bank<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">The Singapore police force found that&nbsp;<strong>threat actors were sending&nbsp;phishing&nbsp;text messages (SMS) to the clients of OCBC<\/strong>. These messages consisted of information regarding the problems that clients were having in their accounts. The scammers lured users to click on the embedded links in SMS to resolve the problem. The fake SMS had a bank\u2019s header which created an impression of its legitimacy. In total,&nbsp;<strong>790 account holders<\/strong>&nbsp;became victims of the attack.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">When clients became convinced of the situation, they clicked on the links which redirected them to a fake OCBC bank website. The customers typed in their credentials along with username, PINs, OTPs, etc. All this information was recorded by scammers which they used to make transactions. Though, all the victim customers received a notification for unauthorized transactions made from their accounts.<\/span><\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n\n<head>\n    <meta charset=\"UTF-8\">\n    <meta http-equiv=\"X-UA-Compatible\" content=\"IE=edge\">\n    <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n    <title>Document<\/title>\n<\/head>\n\n<style>\n    .interestedBtn {\n        width: 80% !important;\n        box-sizing: border-box !important;\n        display: inline-block !important;\n        padding: 11px !important;\n        border: 1px !important;\n        border-color: #ddd !important;\n        margin-top: 10px !important;\n        background-color: #183e8b !important;\n        background-image: none !important;\n        text-shadow: none !important;\n        color: #fff !important;\n        font-size: 14px !important;\n        line-height: 20px !important;\n        border-radius: 5px !important;\n        margin: 0 !important;\n        cursor: pointer !important;\n        box-shadow: 0px 4.66px 22.99px 0px rgba(0, 0, 0, 0.10);;\n    }\n\n\n        .formSec .formSecTwo{\n            padding-top: 15px !important;\n            margin-bottom: 30px !important;\n        }\n\n\n    .tnp-email {\n        width: 80% !important;\n        box-sizing: border-box;\n        padding: 8px 10px;\n        display: inline-block;\n        border: 1px solid #ced4da;\n        background: #fff;\n        color: #000 !important;\n        font-size: 13px;\n        line-height: 20px;\n        border-radius: 2px;\n        padding-right: 30px;\n        margin-bottom: 0px;\n    }\n\n    .formSec {\n        border: 1px solid #ced4da;\n        float: left !important;\n        width: 55% !important;\n    }\n\n    .mainBox {\n       \/* border: 1px solid #183e8b;*\/\n         background: white;\n        max-width: 600px !important;\n        margin: 0 auto !important;\n        padding: 20px !important;\n        font-family: Arial, Helvetica, sans-serif !important;\n    }\n\n    .boxDiv {\n        display: flex !important;\n    }\n\n    .boxConsult {\n        float: left !important;\n        width: 45% !important;\n        padding: 10px !important;\n    }\n\n    .formSecTwo {\n        text-align:center !important;\n        width: 100% !important;\n    }\n\n    .formHeading {\n        font-family: Arial, Helvetica, sans-serif;\n        margin-top: 0px;\n        font-weight: 700;\n        line-height: 25px;\n        font-size: 18px !important;\n        \n       margin-bottom: 60px !important;\n       color: #000!important;\n          margin-top: 5px !important;\n    }\n\n    .fieldHeading {\n        margin: 0 !important;\n        font-size: 13px !important;\n        text-align: left !important;\n        margin: 0px 39px 2px 93px !important;\n        font-weight: 500 !important;\n    }\n\n    .image {\n        max-width:90% !important;\n        height: auto !important;\n    }\n\n     .email-icon {\n            position: absolute;\n            right: 50px;\n             top: 20px;\n            transform: translateY(-50%);\n            pointer-events: none; \n        }\n\n          .email-container{\n             position: relative;\n         \n        }\n       \n\n        .email-icon img{\n                 width: 15px;\n        }\n\n\n         input::placeholder {\n            color:#495057;\n        }\n\n\n     ::placeholder {\n        color: #495057;\n    }\n\n        ::-ms-input-placeholder { \n          color:#495057;\n        }\n\n\n        input:-webkit-autofill {\n            background-color: transparent !important;\n            -webkit-box-shadow: 0 0 0px 1000px white inset !important; \n            box-shadow: 0 0 0px 1000px white inset !important;\n            color: #495057 !important; \n        }\n\n        \n        input {\n            color:#495057 !important;\n        }\n\n\n    @media screen and (max-width: 480px) {\n        .boxDiv {\n            display: block !important;\n            padding: 15px !important;\n         \n        }\n\n        .image{\n        width: 80% !important;\n         margin-bottom: 14px;\n        }\n        .fieldHeading {\n            text-align: left !important;\n            margin: unset !important;\n        }\n\n        .boxConsult {\n            width: unset !important;\n            float: none !important;\n        }\n\n        .mainBox {\n            border: unset !important;\n        }\n\n        .formSec {\n            float: unset !important;\n            width: 100% !important;\n        }\n\n        .formSecTwo {\n            text-align: center !important;\n        }\n\n        .tnp-email {\n            width: 90% !important;\n        }\n\n        .formHeading {\n            margin-bottom: unset !important;\n        }\n\n         .email-icon {\n            position: absolute;\n            right: 25px;\n            top: 58%;\n            transform: translateY(-50%);\n            pointer-events: none; \/* Make sure the icon doesn't block clicking on the input *\/\n        }\n       \n        .email-container{\n             position: relative;\n        }\n\n    }\n<\/style>\n\n<body>\n\n    <div class=\"mainBox\" box-sizing:=\"\" border-box;=\"\">\n\n        <div class=\"boxDiv\">\n\n            <div class=\"boxConsult\">\n                <div>\n                    <h3 class=\"formHeading\" style=\" font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Book_a_Free_Demo_Call_with_Our_People_Security_Expert\"><\/span>\n                        Book a Free Demo Call with Our People Security Expert<span class=\"ez-toc-section-end\"><\/span><\/h3>\n                <\/div>\n                <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/form.svg\" class=\"image\">\n            <\/div>\n\n            <div class=\"formSec\">\n                <div class=\" formSecTwo\">\n                    <h4 style=\"margin-top: 0; font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Enter_your_details\"><\/span>Enter your details<span class=\"ez-toc-section-end\"><\/span><\/h4>\n                    <div class=\"tnp tnp-subscription-minimal\">\n                        <form action=\"https:\/\/threatcop.com\/thankyou-blog\" method=\"get\" target=\"_blank\">\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n\n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"FullName\" value=\"\"\n                                    placeholder=\"Full Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon01.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"email\" required=\"\" name=\"email\" value=\"\"\n                                    placeholder=\"Corporate Email Id\">\n                                     <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon02.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"CompanyName\" value=\"\"\n                                    placeholder=\"Company Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon03.svg\" class=\"img-fluid\" \/><\/span>\n\n                            <\/div>\n\n                            <div class=\"email-container\">\n                               \n                                <input class=\"tnp-email\" type=\"number\" required=\"\" name=\"Phone\" value=\"\"\n                                    placeholder=\"Phone No.\"><br>\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon04.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n                            <input type=\"hidden\" name=\"BlogForm\" value=\"BlogForm\"><br>\n                            <input class=\"tnp-submit interestedBtn\" name=\"submit\" type=\"submit\"\n                                value=\"SUBMIT\">\n\n                        <\/form>\n                    <\/div>\n                <\/div>\n            <\/div>\n\n        <\/div>\n    <\/div>\n\n<\/body>\n\n<\/html>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">There were&nbsp;<strong>multiple attacks<\/strong>&nbsp;found&nbsp;<strong>between 8th December and 17th December, when 26 customers lost $103,492<\/strong>, and between December&nbsp;<strong>24 and December 26, when another 186 customers lost $2 million<\/strong>.<\/span><\/p>\n\n\n<div class=\"wp-block-image size-full wp-image-7577\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"520\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/yq-ocbcbank-23122021.jpg\" alt=\"Phishing Scam\" class=\"wp-image-7577\" srcset=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/yq-ocbcbank-23122021.jpg 780w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/yq-ocbcbank-23122021-300x200.jpg 300w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/yq-ocbcbank-23122021-768x512.jpg 768w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/yq-ocbcbank-23122021-80x53.jpg 80w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/yq-ocbcbank-23122021-500x333.jpg 500w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\" \/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: OCBC Bank)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading fittexted_for_content_h3\"><span class=\"ez-toc-section\" id=\"Actions_Taken_by_Bank\"><\/span><strong>Actions Taken by Bank<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">During the month of December, when such attacks were happening on a regular basis,&nbsp;<strong><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/prevent-socialengineering.blogspot.com\/2022\/06\/cyber-security-in-indian-government-organization.html\">OCBC Bank<\/a><\/span> hunted down 45 phishing websites<\/strong>. This number was&nbsp;<strong>eight times the monthly average<\/strong>. Banks also identified that scammers spoofed messages using the name of the bank and shortcode.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">The bank notified its users that they are working with the anti-scam center of the Singapore police. However, both the Singapore Police Force (SPF) and OCBC bank admitted that recovering the stolen funds would be difficult. After this major attack, OCBC Bank warned its users of fake SMS on their website.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">Singapore police also admitted that not much could be done after the fraudulent transfer had been made. They issued statements for the users to verify the authenticity of the information before taking any stated steps. They also advised people to avoid sharing credentials for whatever reason that might be.<\/span><\/p>\n\n\n<div class=\"wp-block-image size-large wp-image-7575\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"568\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619-1024x568.png\" alt=\"Guidelines for Phishing Scam\" class=\"wp-image-7575\" srcset=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619-1024x568.png 1024w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619-300x166.png 300w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619-768x426.png 768w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619-80x44.png 80w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619-500x277.png 500w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619-800x444.png 800w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/Screenshot-2022-01-28-181619.png 1313w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: OCBC Bank)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading fittexted_for_content_h3\"><span class=\"ez-toc-section\" id=\"The_Bank_Has_Announced_Remittance\"><\/span>The Bank Has Announced Remittance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">On January 19, the&nbsp;<strong>bank announced that it would reimburse the victims\u2019 lost amount<\/strong>. The bank calls it the \u201c<strong>full goodwill payout<\/strong>\u201d and they have started reimbursing the customers since January 8th. The bank intended to reimburse all the money by next week. The total number of victimized customers is 790, whose complete balances have been wiped out.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading fittexted_for_content_h2\"><span class=\"ez-toc-section\" id=\"What_is_an_SMS_Phishing_Scam\"><\/span><span style=\"color: #000000;\">What is an SMS Phishing Scam?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">SMS phishing, or smishing, is a type of cyberattack where cybercriminals send a text message to victims to&nbsp;<strong>lure them into revealing private and confidential information<\/strong>. Most SMS phishing scams involve asking victims to click on a link that takes them to a fake website where they are asked to input their sensitive information. This <strong>allows the cybercriminals to have the victims\u2019 private information that they can use to make fraudulent financial transactions or data theft<\/strong>.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">The fundamental concept of a smishing attack is a social engineering tactic that is used by cybercriminals to trap target users. The scammers manipulate the users to lure them to carry out steps or take action. The objective of these actions is to get credentials or monetary transactions.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading fittexted_for_content_h3\"><span class=\"ez-toc-section\" id=\"Examples_of_SMS_phishing_scams\"><\/span><span style=\"color: #000000;\">Examples of SMS phishing scams<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">There are some key phrases that have been statistically found to be quite prevalent in most&nbsp;<strong>cyberattacks<\/strong>. They are \u2013<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\">Any kind of \u201c<strong><i>urgent<\/i><\/strong>\u201d message related to your debit\/credit card. They often claim to be from a bank or credit card company.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">Any kind of message containing the phrase \u201c<strong><i>you have won a prize, click here to claim it!<\/i><\/strong>\u201d This is the most common and widely used phrase, either in the subject or the message itself.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">Any text that contains \u201c<strong><i>your bank account is locked<\/i><\/strong>\u201d is more likely to demand the user to take a set of steps by creating a panicky situation.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">Any message that contains a phrase like \u201c<strong><i>unusual account activity<\/i><\/strong>\u201d demands the user take steps to secure their account.<\/span><\/li>\n<\/ul>\n\n\n\n<div id=\"attachment_880\" class=\"wp-caption aligncenter\"><\/div>\n\n\n<div class=\"wp-block-image size-large wp-image-7573\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872-1024x577.jpg\" alt=\"Phishing Scam\" class=\"wp-image-7573\" srcset=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872-1024x577.jpg 1024w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872-300x169.jpg 300w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872-768x433.jpg 768w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872-80x45.jpg 80w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872-500x282.jpg 500w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872-800x451.jpg 800w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/photogrid_plus_1640861298872.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: CNA)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading fittexted_for_content_h3\"><span class=\"ez-toc-section\" id=\"SMS_Phishing_Scam_Statistics\"><\/span>SMS Phishing Scam Statistics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\">According to a\u00a0<strong>news article<\/strong>, among all the SMS phishing scams in Q4 of 2021,\u00a0<strong>55.94% of them were executed to incur fraud<\/strong>.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">According to\u00a0<strong>Infosecurity magazine<\/strong>,\u00a0<strong>67.4% of all texts have been reported as spam in the United Kingdom<\/strong>.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">In the same article, it was mentioned that\u00a0<strong>22.6% of the reported SMS scams were from banks and financial institutions<\/strong>.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">According to the\u00a0<strong>FBI\u2019s report for 2020<\/strong>, the total\u00a0<strong>number of victims of smishing\/phishing is 241,342 and the cost incurred by it is $54,241,075<\/strong>.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><strong>Smishing attacks have increased by 328% in 2020<\/strong><b>,<\/b>\u00a0and that is up to the\u00a0<strong>third quarter of the year<\/strong>.<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading fittexted_for_content_h2\"><span class=\"ez-toc-section\" id=\"Recent_Cases_of_SMS_Phishing_Scams\"><\/span><span style=\"color: #000000;\">Recent Cases of SMS Phishing Scams<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading fittexted_for_content_h3\"><span class=\"ez-toc-section\" id=\"KYC_Scam_in_Mumbai\"><\/span><span style=\"color: #000000;\">KYC Scam in Mumbai<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">On Republic Day of India, that is&nbsp;<strong>on January 26, 2022<\/strong>,&nbsp;<strong>a woman who is a manager in a nationalized bank lost $800 to a KYC fraud. The scammer sent her a text message<\/strong>&nbsp;when she was unable to upload her PAN. The scammer took the initiative to resolve the issue by taking bank details along with the OTP and scamming the manager by making a fraudulent transaction.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading fittexted_for_content_h3\"><span class=\"ez-toc-section\" id=\"NatWest_Scam\"><\/span><span style=\"color: #000000;\">NatWest Scam<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">In March 2021, fraudsters carried out a series of&nbsp;<strong>phishing attacks through SMS by impersonating NatWest Bank<\/strong>. In the scammed messages sent to victims, the fraudsters claim that a new payee has been added to their account and that immediate action is required to secure the account. This led the victims to a phishing website where they had to provide credentials.<\/span><\/p>\n\n\n<div class=\"wp-block-image size-large wp-image-7572\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-1024x589.jpg\" alt=\"Phishing Scam\" class=\"wp-image-7572\" srcset=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-1024x589.jpg 1024w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-300x172.jpg 300w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-768x441.jpg 768w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-1536x883.jpg 1536w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-2048x1177.jpg 2048w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-80x46.jpg 80w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-500x287.jpg 500w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/1140-scam-text-messages-800x460.jpg 800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: AARP)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading fittexted_for_content_h2\"><span class=\"ez-toc-section\" id=\"How_to_Prevent_SMS_Phishing_Scams\"><\/span>How to Prevent SMS Phishing Scams?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">The SMS phishing scam is a risk and hazard for both organizations and consumers. One must carry out the following steps to prevent smishing attacks:<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><span style=\"color: #000000;\">For organizations, it is important to\u00a0<strong>educate<\/strong>\u00a0their\u00a0<strong>employees<\/strong>\u00a0about the kinds of smishing attacks and precautionary steps that can be taken.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">Always do\u00a0<strong>primary research on the number and content of the messages<\/strong>. Try to find out the whereabouts of the number as well as the content of the message on the web to check whether anything suspicious about it is there or not. One can also reach out to the institution through their verified calling the number to confirm the truthfulness of the message.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">If there are messages that you can directly identify as being suspicious, then\u00a0<strong>block the number immediately or report spam<\/strong>. Responding to such texts or calling such numbers should be avoided.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">If you happen to identify that a particular text message is spoofing a company, then you must\u00a0<strong>inform the company<\/strong>\u00a0about such an occurrence.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><strong>Don\u2019t click on the links<\/strong>\u00a0that are embedded in the suspicious texts. If you click for research purposes, never reveal any private information or credentials.<\/span><\/li>\n<\/ol>\n\n\n\n<div id=\"attachment_878\" class=\"wp-caption aligncenter\"><\/div>\n\n\n\n<figure class=\"wp-block-image alignnone size-full wp-image-7571\"><img loading=\"lazy\" decoding=\"async\" width=\"603\" height=\"452\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/5h68si.jpg\" alt=\"Phishing Scam\" class=\"wp-image-7571\" srcset=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/5h68si.jpg 603w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/5h68si-300x225.jpg 300w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/5h68si-80x60.jpg 80w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/03\/5h68si-500x375.jpg 500w\" sizes=\"auto, (max-width: 603px) 100vw, 603px\" \/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: Imgflip)<\/span><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading fittexted_for_content_h3\"><span class=\"ez-toc-section\" id=\"Aware_Your_Employees_and_Customers_about_Smishing\"><\/span><span style=\"color: #000000;\">Aware Your Employees and Customers about Smishing<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">International communities and security organizations are emphasizing&nbsp;<span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/security-awareness-training-for-employees\/\"><strong>cybersecurity awareness training&nbsp;for their employees<\/strong><\/a><\/span>. Apart from this, it is the responsibility of financial organizations such as banks and NFBCs to increase the awareness of their users about different types of phishing attacks.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\">The organization needs to educate its employees specifically to prevent phishing through <span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/phishing-awareness-and-simulation\"><strong>phishing awareness training<\/strong><\/a><\/span>. On the other hand, organizations can specifically choose to educate and train their employees on specific attack vectors such as&nbsp;<span style=\"color: #183994;\"><strong><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/smishing-awareness-and-simulation\">smishing&nbsp;awareness training<\/a><\/strong><\/span> and&nbsp;<span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/vishing-awareness-and-simulation\"><strong>vishing&nbsp;awareness training<\/strong><\/a><\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 30th December 2021,&nbsp;Singapore police&nbsp;made an announcement that a widespread&nbsp;phishing scam occurred through SMS. These messages were impersonated on behalf of OCBC Bank, which&nbsp;incurred a financial loss of $13.7 million. It is shocking to witness that users are still getting tricked by SMS phishing attacks. This attack created havoc in the security systems and security [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"class_list":["post-694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyber-attacks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OCBC Bank&#039;s SMS Phishing Scam | Threatcop<\/title>\n<meta name=\"description\" content=\"During the holiday season, SMS phishing scams targeting OCBC Bank customers drastically increased in frequency. 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