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International

Bank asked to reserve $240 million for phishing scam-related risks

May 27, 2022 Reprints

The Monetary Authority of Singapore has ordered Singapore-based Oversea-Chinese Banking Corp. Ltd. to set aside additional reserves of $330 million Singaporean ($240 million) for operational risks associated with a December 2021 SMS phishing scam, Nasdaq reported citing Reuters. The phishing scam affected nearly 800 customers of the bank, resulting in SGD13.7 million worth of losses.

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Bank asked to reserve $240 million for phishing scam-related risks

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