OCBC Malaysia has introduced a new feature called the OCBC Kill Switch, which enables customers to immediately suspend their bank accounts and cards if they suspect that they have been scammed or their details have been compromised.

According to OCBC, the Kill Switch feature will be made available 24/7, at all times of the day. Once activated, all transactions – whether performed digitally, via ATM, or at branches – will be blocked. This includes recurring or pre-arranged fund transfers. Here’s the full list of transactions and banking activities that will be disabled once a customer puts in a request for the Kill Switch:

• Cash withdrawals
• Local and overseas fund transfers (outgoing)
• Bill payments
• Loan payments
• Recurring charges and standing instructions
• Visa & Mastercard transactions using ATM, credit, or debit cards (physical and digital)

Upon activating the Kill Switch to block access to your compromised accounts and cards, OCBC’s customer service representative will also proceed to record your scam report and issue new cards to you (if necessary).

“Only our branch staff or Customer Service Executive can deactivate the Kill Switch, and this will only be carried out after receiving verified instructions from you. Once the Kill Switch is deactivated, your account will return to normal and all prior settings – including GIRO arrangements and future-dated fund transfers – will be reinstated,” the bank clarified on its website.

The Kill Switch can be activated via self-service interactive voice response by calling OCBC’s contact centre at 03-8317 5000, followed by the number 8; you’ll then be prompted to key in your IC number and debit card number to suspend your accounts and cards. Once done, go ahead and record your scam report with a contact centre representative.

Managing director and head of consumer financial services of OCBC, Anne Leh said that the introduction of this initiative is in line with Bank Negara Malaysia’s (BNM) call for banks to further reinforce their security measures against financial scams.

“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,” said Leh.

(Sources: OCBC, The Edge Markets)

• TAGS:
• Anne Leh
• Bank Negara Malaysia
• BNM
• Financial Scams
• OCBC
• OCBC Bank
• OCBC Kill Switch
• Online Scams
• Scams