‘I just felt really stupid’: How a scam victim almost lost more than S$1 million – until police and the bank intervened

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ANTI-SCAM MEASURES IN PLACE, BUT CUSTOMER VIGILANCE MOST IMPORTANT  

Despite the numerous media reports and police advisories, people still fall prey to scams because scammers are “organised criminals”, suggested OCBC’s head of group legal and regulatory compliance, Ms Loretta Yuen, during the media briefing last Friday. 

“They are highly sophisticated. And the one thing that I’ve learned is that they’ve got a very, very strong skill set. And this skill set they have is how to hack the human brain. They do this very well.” 

Ms Yuen added that most people have cognitive bias, believing a scam won’t happen to them. But she reinforced that “scams hit everyone … not just the old or the uneducated”.  

“We are thinking how do we lift this red mist off the eyes of our customer? How do we break the spell? We are talking to experts (in) behaviour and we’re also looking at our banking process to see at which point…

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