Singapore's OCBC hit by $240m extra capital requirement for phishing scam

Singapore's OCBC hit by $240m extra capital requirement for phishing scam

Visual from the OCBC website. August 2015

Singapore‘s central bank said it has asked Oversea-Chinese Banking Corp Ltd (OCBC) to keep an additional S$330 million ($240 million) in capital for operational risk after hundreds of its customers were hit by an SMS phishing scam in December.

OCBC is required to apply a multiplier of 1.3 times to its risk-weighted assets for operational risk. This translates to an additional amount of approximately S$330 million in regulatory capital,” the Monetary Authority of Singapore (MAS) said in a statement on Thursday.

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