Forum: Bank kept asking me to pay for fraudulent OTP transactions, Forum News & Top Stories
I was the victim of the fraud reported in “Hackers Steal OTPs Sent by S’pore Banks to Make $ 500,000 in Fake Transactions” (September 16).
Around October 23 of last year, one of my bank credit cards recorded three overseas transactions overnight.
I rarely use this card, so I noticed these transactions when I logged into the Internet Banking application.
Immediately I called the bank’s helpline and was advised to block my credit card and told the bank would issue me a new card.
When I asked if I should make a police report, I was told it was not necessary.
The bank investigated the matter and, despite my protests, said the one-time password (OTP) was sent to me via text message, and therefore I was responsible for these fraudulent transactions.
I also made a police report. When I asked the officer in charge about the progress of the investigation, he replied that his hands were tied because the fraud had been perpetrated abroad.
Subsequently, the bank continued to ask me to pay for the fraudulent transactions.
I asked him to bring an action against me in court so that I could defend myself.
Again yesterday, the bank contacted me to offer me a settlement, which I accepted.
Given the prevalence of sophisticated technology in recent fraud cases, I would like the Monetary Authority of Singapore to take the lead in protecting retail clients like me and Singapore’s reputation as a regional financial center.
Chwa Poh Kew