Security & Privacy

Protecting your information and money has always been our priority mission. This section provides you with our privacy policies and shares with you useful information about online security. It also gives you tips on protecting yourself from fraud.

 

Benefits & Risks Of Internet Banking

1. OCBC Business Internet Banking - Velocity@ocbc offers you an alternate electronic channel where you can perform business banking transactions and manage your company’s cash flow with easy access to account information.

With Velocity@ocbc you will be able to pay bills, process payroll and transfer funds online. You can view our full range of internet banking services here.

Velocity@ocbc offers you 24-hour access to your business accounts everyday. It is fast and convenient, allowing you to perform your transactions anywhere, anytime and from any computer with access to the Internet.

2. The Internet is a wide area network of computers connected around the world to facilitate data transmission and exchange. Due to the open nature of the Internet, all web-based services such as Velocity@ocbc are inherently subject to risks such as online theft of your User ID/User name, Password, Organisation ID, virus attacks, hacking, unauthorised access and fraudulent transactions.

While the Bank has put in place the necessary security practices and measures to safeguard against these risks, the Bank is still unable to guarantee the complete security of your transactions against any attacks from malicious programmes.

As an Internet Banking customer, you play an important role in safeguarding your account information.

 

Customer Service

If you have any queries, problems, grievances, disputes or claims relating to or arising out of the use of Velocity@ocbc service, you may call any of our Customer Service Officers on (65) 6538 1111. They are available to attend to you from Mondays to Fridays, 8:30a.m. to 6:00p.m. and will advise on the immediate steps to be taken by you and/or actions that we will take. Alternatively, you may send us an email by completing the feedback form at www.ocbc.com and we will try to respond to you within 24 hours provided we receive your notification during business hours and the following day is not Sunday or a public holiday, in which case we will reply on the next business day.

 

Dispute Resolution

We are committed to providing you with quality service. We will promptly attend to any claim or dispute which you may have in respect of or arising out of Velocity@ocbc Service. Without prejudice in any way to either party's right to take immediate steps to seek urgent relief before a Singapore court or the right to seek legal redress, we will immediately investigate any claim/dispute brought to our attention and will attempt to revert to you within seven (7) working days from the date of receipt of notification. Soon thereafter, we will consult you in good faith with a view to reaching a quick and amicable resolution of the matter, satisfactory to both parties.

 

Unavailability of Internet Banking

In the event that Velocity@ocbc Service is unavailable, you are encouraged to perform your transactions via OCBC eLobbies, OCBC Phone Banking and/or visit any of our branches.

 

Privacy Policy

At OCBC Bank, we respect every individual's right to privacy. Our relationship with you is our most valuable asset and is the very basis of our name and reputation. Whether you are an OCBC Bank customer, a registered user or a visitor to the public area of our website, we understand the importance you place on the privacy and security of information that personally identifies you or your account information. We refer to and treat this information as "personal/organisation information." We extend the following privacy policy to you.

 

The OCBC Bank Privacy Policy

1. We do not sell personal/organisation information to anyone.

2. We will only share personal/organisation information with others as stated in this policy, only when we have given you advanced notice or sought for your permission. We reserve the right to disclose or report personal/organisation information in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to perform credit checks, to collect or report debts owed to us, to protect our rights or property, or upon reasonable request by a unit trust in which you have chosen to invest.

3. Whenever we collect personal/organisation information from you, we will reference this policy or otherwise explain to you how we intend to use that information. We will use such information in ways that are compatible with the purpose which we originally requested for it. For example, we will use the information to process your requests and transactions, to provide you with additional information about products and services or to evaluate your financial needs. To do so, we may share personal/organisation information with our agents or affiliates. We will limit the collection and use of personal/organisation information to what is necessary to administer our business and to deliver superior service to you. This may include advising you about our products or services, those of our affiliates, and other opportunities that we believe may be of interest to you. To serve you better, we may combine the information which you have given to us through our website or other channels.

4. We will protect the confidentiality of all personal/organisation information which you have shared with us. In cases where we share personal/organisation information with our agents or affiliates, we will protect that personal/organisation information with a strict confidentiality as stated in our agreement. Companies hired by us to provide support services or to act as our agent must conform to our privacy standards.

OCBC Bank corporate policies stipulate that any employees with access to confidential customer information are not permitted to use or disclose such information except for business purposes. All employees are required to safeguard such information as specified in their confidentiality agreements with OCBC Bank. There are occasions where we may assist a company that is not affiliated with OCBC Bank, in providing a product or service to you. For example, if you are a unit trust customer, we may share personal/organisation information with the unit trust company or its agents or affiliates. In such circumstances, instructions can be found in the marketing materials on how you can request to stop receiving such communications in the future.

In all cases, your personal/organisation information is protected by a strict confidentiality agreement. We do not allow any non-affiliated company to retain your personal/organisation information any longer than it is necessary to provide you with the product, service or information unless you have granted us permission to do so.

5. When you register for Velocity@ocbc service, we require you to provide us with your personal and organisation particulars. Such information enables us to deliver personalised services and communicate separately with you. We also use aggregated information collected on the use of our services to evaluate our users' preferences, improve our services and facilitate our reporting of Internet usage. Like most websites, we use small bits of data called "Cookies" which is stored on users' computers to simulate a continuous connection. This "Cookies" enables us to "remember" information about your preferences thereby allowing you to move within our Service without reintroducing yourself. When we collect information from you, it will be held in a secure server and in the strictest confidence. For example, if you submit your email address to OCBC Bank, you will receive the latest information about our promotions, products and services. We will use your email address for no other purposes other than for sending to you the requested information.

 

Safeguarding Your Internet Banking Access

At OCBC Bank, we have implemented measures to safeguard your account information. However, to ensure that your online security and account information are not compromised, we recommend that you adopt the following OCBC Bank Internet Banking security guidelines:

 

1. Before entering your User ID/User name, Password, Organisation ID, you should always ensure that the website you are visiting belongs to OCBC Bank. This can be verified by the URL displayed in your browser as well as the Bank’s name in its digital certificate. This precaution will ensure that you are not revealing your credentials to a website other than OCBC Bank.

2. To ensure that you enjoy the highest level of security possible, all browsers and application software should be upgraded to support SSL 128-bit encryption or a higher encryption standard with the most updated security features available.

3. It is important to protect yourself against any forms of online theft of your User ID/User name, Password and Organisation ID. Each valid User ID/User name , Password and Organisation ID identifies you uniquely as one of our valued customers. Only authorised users are allowed to log in to our secured Internet Banking website(s).

 

Important tips on how you can safeguard and protect your account information.

(a) Password should be 8 to 16 characters.

      I.   It must contain at least 2 letters and 2 numerals

      II.  Characters cannot be repeated more than twice

      III.  First two characters must be different from your User ID

      IV. Password and Organisation ID cannot be identical

      V.  Password cannot be identical to the previous 10 passwords that you have used

      VI. Example of a password <velocity01>

(b) Passwords should not be based on user-id, personal telephone number, birthday or any other personal/organisation information.

(c) Passwords must be kept confidential and not be divulged to anyone.

(d) Passwords must be memorised and not be recorded anywhere.

(e) Passwords must be changed regularly or when there is any suspicion that it has been compromised or impaired.

(f) The same Passwords should not be used for different websites, applications or services, particularly when they relate to different entities.

(g) Please do not select the browser option for storing or retaining user name and password.

(h) Please check the authenticity of the bank's website by comparing the URL and observing the bank's name in its digital certificate or by observing the indicators provided by an extended validation certificate.

(i) Please check that the bank's website address changes from http:// to https:// and a security icon that looks like a lock or key appears when authentication and encryption is expected.

(j) Please do not allow anyone to keep, use or tamper with your 2FA (Two Factor Authentication) security token.

(k) Please do not reveal the OTP (One Time Password) generated by the 2FA token to anyone.

(l)  Please do not divulge the serial number of your 2FA token to anyone.

(m) Please check your bank account balance and transactions frequently and report any discrepancy.

(n) Please inform the bank immediately on the loss of mobile phones or change in mobile phone numbers.

4. Please install anti-virus, anti-spyware and firewall software in your personal/company computers and mobile devices, particularly when you are linked via broadband connections, digital subscriber lines or cable modems.

5. Please update the operating systems, anti-virus and firewall products with security patches or newer versions on a regular basis.

6. Please remove file and printer sharing in your computers, especially when you have internet access via cable modems, broadband connections or similar set-ups.

7. Make regular backup of critical data.

8. Consider the use of encryption technology to protect highly sensitive data.

9. Log off the online session and turn off the computer when not in use.

10. Do not install software or run programs of unknown origin.

11. Delete junk or chain emails.

12. Do not open email attachments from strangers.

13. Do not disclose personal, financial or credit card information to little known or suspect websites.

14. Do not use a computer or device which cannot be trusted.

15. Do not use public or internet cafe computers to access online banking or perform financial transactions.

16. You are advised not to access Velocity@ocbc using unauthorised operating system or programs, as it poses potential risk of malicious software infection.

17. If you notice any unusual/unauthorised transactions, please change your Password and notify us immediately. It is important that you inform us immediately by calling our Customer Service Hotline at (65) 6538 1111.

18. Your usage of Velocity@ocbc is subject at all times to the Terms and Conditions governing Electronic Banking Services for buisness. You should therefore read carefully and adhere to the recommended security practices. The Bank is not responsible for any loss or damage in connection to the use of Velocity@ocbc services unless such loss is attributable to our negligence or willful default.

19. As a user of Velocity@ocbc, you have the right to (1) suspend your Internet Banking Access immediately should you suspect any unusual activity and/or unauthorised access, (2) terminate this service, (3) request for a new set of Velocity@ocbc password and (4) obtain information from the Bank regarding your online transactions.

 

Advisory On Phishing Scam

1. Customers are reminded that the bank will not make unsolicited requests for customer information through e-mail or on phone unless it is the customers who initiated the contact; and making clear that under no circumstances would the institution ask customers to reveal their PINs.

2. Customers are advised to personally enter the domain name of the bank in their browsers when logging onto the bank’s website; customers should not accept links or redirections from other websites or media for the purpose of logging onto the bank’s website.

3. Customers are advised to look for the SSL encrypted connection, indicated as https:// or a padlock, as well as check the institution's name in the website server digital certificate.

4. Customers are advised to be always on the alert for phony websites and suspicious emails purporting to be from the bank, they should report these immediately by contacting the bank.

 

Security Policy

At OCBC Bank, we are committed to protecting the security and confidentiality of your personal/organisation information so as to provide you with a safe and secure online environment. Our website uses commercially proven security hardware and software products. These security products include routers, firewalls, intrusion detection systems and secure operating system to safeguard your interest.

Industry standard Secure Socket Layer (SSL) communication protocol is the de facto cryptographic standard that we use for securing data communication between the browser and our website. Digital certificate technology is used to ensure transaction privacy, message integrity and server-side authentication. This also serves as an assurance that the website runs legitimately under the care of OCBC Bank.

All connections must pass through at least one router and one firewall to gain access to the server. The firewall checks for the appropriate source address and restricts unauthorised access to the appropriate server.

Additional technical security features include Verisign digital certificates, 128-bit encryption, one-way hashing of all user passwords and automatic logoff after 10 minutes.

 

OCBC Bank's Business Internet Banking – Velocity@ocbc is regularly reviewed and audited by external and internal auditors to ensure that your interest is safeguarded.

Apart from the security measures put in place by the Bank, you play an equally important role in ensuring your online security and account information is not compromised.

 

You should adopt the following recommended practices in protecting the security of your system:

(a) Do not share your User ID/user name or password with anyone.

(b) Do not display your account information in a manner that is visible to others and your PC should   never be left unattended. For your protection, Velocity@ocbc will automatically terminate your session if there is no activity for a period of time.

(c) Always use the recommended browser. All browsers and application software should be upgraded to support SSL 128-bit encryption.

(d) Always check that our website address changes from http:// to https:// and a security icon, usually in the form of a lock or key, appears when authentication and encryption is expected.

 

Understanding Your Obligations And Responsibilities

Your use of Velocity@ocbc is governed by the 'Terms and Conditions For Electronic Banking Services' found in our home page. It is important that you clearly understand your obligations and responsibilities before using OCBC's website.

As a user of Velocity@ocbc Service, you are to 1) comply with the standards and procedures established by OCBC Bank at all time 2) take all reasonable precautions and 3) observe with extreme care all security measures when accessing your online accounts or carrying out online transactions.

You will note that that under the said terms and conditions, you will remain liable for all instructions made through the use of your ICode and IPIN, whether or not authorised by you. OCBC Bank will not be liable for acting upon such instructions in good faith nor shall OCBC Bank be obliged to investigate the authenticity of such instructions.

 

You will also note that OCBC Bank shall not be liable to you in the following circumstances:

 (1) Failure on the part of the customer to adhere to the said terms and conditions

 (2) Failure to follow recommended security measures prescribed in 'Safeguarding your Internet Banking Access', found in our home page

 (3) Failure on the part of OCBC Bank to act on instructions of the Customer as a result of anything beyond OCBC Bank's control. This includes, amongst other things, any machine, equipment, system or software failing to work, failure to act by any third party and any act, omission or delay of any agent or third party. If any loss or damage results directly from OCBC Bank's security breach, gross negligence, willful default or fraud then, OCBC Bank will be liable to the customer, and not to any third party, for the amount of any such loss or damage. However, OCBC Bank will not be liable to the customer for any loss of business, loss of reputation, loss of opportunity, loss of profits any type of special, consequential or indirect loss whatsoever.