OCBC says its anti-malware security feature saved more than S$2m since launch
The feature protected over 30 customers whose phones contained malware from sideloaded apps.
OCBC's anti-malware security feature has thwarted scammers, saving over S$2m from more than 30 customers' OCBC bank accounts within the first month.
This security feature was introduced last 5 August in version 18.1 of the OCBC Digital app for Android, and during this period, no OCBC customers using this version or later have reported losses from malware scams.
Between the launch date to 5 September, OCBC received reports from over 30 customers whose Android phones were compromised by sideloaded apps containing malware, downloaded from unofficial sources.
These malicious apps allowed scammers to gain control of the customers' phones.
However, the anti-malware security feature in the OCBC Digital app promptly detected these threats and blocked access, preventing scammers from making unauthorized fund transfers through the app.
Additionally, this security feature also protects OCBC internet banking by requiring users to have a physical or digital token within the OCBC Digital app to log in. Blocking access to the OCBC Digital app effectively prevents scammers from utilising the digital token.
The anti-malware security feature works by blocking access to OCBC bank accounts if the mobile phone has non-officially sourced apps with 'Accessibility' permissions enabled.
When a malicious app is detected while attempting to use the OCBC Digital app, the security feature will display a pop-up, identifying the malicious app and blocking access.
It's important to note that this feature does not conduct surveillance or monitor activities on customers' mobile phones.