Safety and Security - Shared Responsibility Framework | OCBC Singapore

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what is shared responsibility framework? (SRF)

Digital scams are getting increasingly sophisticated, and protecting your money requires all of us to play our part. The Shared Responsibility Framework (SRF) introduced by the Monetary Authority of Singapore and Infocomm Media Development Authority addresses how banks like OCBC and our customers can work together to prevent phishing scams.

How this may affect you

Keeping your money safe is our top priority. In line with this initiative, we are adding another layer of security to our fraud monitoring systems. Payments or transfers made during a period of unusual activity may be rejected – or held for up to 24 hours, allowing you more time to cancel them if they were unauthorised.

HOW TO RELEASE, CANCEL AND MORE

There may be instances where a payment or transfer you urgently need to make is placed on hold. If you wish to release such payments or transfers before the 24-hour cooling period ends, go to an OCBC ATM (you will need an OCBC ATM/debit/credit card and its PIN).

If you change your mind about a payment or transfer that was placed on hold and wish to cancel it, you can do so via the OCBC app.

Wish to release funds at an ATM – but forgot your card PIN or lost your card? Simply follow the steps below.

FAQs
FAQ on Shared Responsibility Framework
What is the Shared Responsibility Framework?

The Shared Responsibility Framework (SRF) was introduced by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) to address how banks, telcos and customers can work together to prevent phishing scams.

The SRF applies to scams that follow the pattern of a “seemingly authorised transaction” (as defined in the SRF guidelines):

  1. The scammer impersonates a legitimate entity that offers a service
  2. The customer clicks on a link provided by the scammer and keys his/her account credentials into the fabricated platform
  3. The scammer takes over the customer’s account using his/her credentials and makes unauthorised transactions
What types of accounts does the SRF cover?

The SRF applies to all personal current and savings accounts, including joint accounts.

What are the responsibilities of the Bank under the SRF?

Our responsibilities under the SRF are set out in Section 4 of the E-Payments User Protection Guidelines (EUPG). They include:

  • Cooling-off period: We enforce a cooling-off period after OCBC OneToken is activated on a new device. During this time, you will not be able to perform high-risk activities (e.g. adding new payees, increasing limits or changing contact information).
  • Real-time alerts: We notify you, in real time, of outgoing transactions and high-risk activities that you perform.
  • Reporting channel and kill switch: You may report fraud to us at any time, including by activating the OCBC Kill Switch. The OCBC Kill Switch, which is available on the OCBC app, allows you to temporarily suspend access to your accounts and stop any payments.
  • Enhanced fraud surveillance: We continuously enhance our fraud monitoring systems to protect you from scams. As a result, you may sometimes experience a payment or transfer being held or rejected if unusual activity is detected; we may also call you to verify its purpose. We will never ask you to transfer money to us or give us your online banking credentials.
What else can I do to protect my money from scammers?
  • Use OCBC Money Lock to keep your funds safe.
  • Keep your contact details up to date to ensure you receive timely updates from us.
  • Never reveal your personal or banking details (e.g. Singpass login credentials, banking credentials or OTPs) to anyone.
  • Do not click on links in SMSes or emails – we will never send you SMSes or emails with clickable links.
FAQ relating to new enhanced safeguard measures
What are the enhanced safeguards that will take effect on 15 October 2025?

On 15 October 2025, new industry-wide safeguards will take effect to better protect you from phishing scams.

When a period of unusual activity is detected (that is, when over 50% of an account balance of at least S$50,000 is cumulatively transferred out within a 24-hour period), we will reject such payments and transfers – or place them on hold for 24 hours before releasing them. This is to give you time to cancel such payments and transfers in case of a scam.

Can I opt out of these safeguards?

As these safeguards are part of an industry-wide initiative involving all major banks and the Monetary Authority of Singapore (MAS), you will not be able to opt out of them.

To avoid potential delays in payments and transfers, we recommend reviewing your transactions and planning ahead where possible.

Could my payment or transfer be held or rejected for reasons unrelated to these enhanced safeguards?

Apart from the enhanced safeguards, we have other security measures to protect you against potential scams. For example, we may call you to verify transactions that we suspect may be unauthorised.

Importantly, we will never ask you to transfer money to or share your banking details with us, or download apps from sources other than official app stores. We will also never transfer calls to external parties like the police or government officials.

Will I be notified if my payments and transfers are placed on hold or rejected?

Yes. If your payment or transfer is rejected or placed on hold, you will be notified via the OCBC app or Internet Banking (depending on the platform used) once you submit the request. We will also inform you of the possible next steps.

If your payment or transfer has been placed on hold but you are sure that it is legitimate, you need not take any action – it will automatically be released after 24 hours.

What should I do if my payment or transfer is placed on hold or rejected?

If your payment or transfer is rejected or placed on hold, you will be notified via the OCBC app or Internet Banking (depending on the platform you used) once you submit the request. We will also inform you of the possible next steps.

How can I release or cancel a payment or transfer?

There may be instances where a payment or transfer that you urgently need to make is placed on hold. If you wish to release such payments or transfers before the 24-hour cooling period ends, you can do so at these OCBC ATMs (you will need an OCBC ATM/debit/credit card and its PIN).

You may also cancel it via the OCBC app or Internet Banking.

For joint accounts, only the person who requested the payment or transfer can request its release before the 24-hour cooling period ends.