OCBC Bank locks out mobile app if 3rd party apps are detected
OCBC Bank locks out mobile app if 3rd party apps are detected
OCBC introduces a security feature that locks out access if it detects mobile apps downloaded from unofficial app stores on the user's phone. The bank cites the need to safeguard against malware, but is instead frustrating customers.
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Could you sandbox the banking app in the work profile with something like Shelter?
It's unfortunate for those that can't switch banks, but this would be a strong reason for making me want to switch. I'd rather skip the one mobile banking app than uninstall every other app lol
Amid the complaints, industry regulator Monetary Authority of Singapore (MAS) released a statement voicing its support for the bank's security feature, which it said aims to address risks associated with downloading applications from unauthorized sources, since these may contain malware.
Maybe I just haven't encountered it, but are there malware apps? Just trying to get legitimate apps to work sometimes means having to enable debugging, approve permissions and jump through a whole bunch of warnings. Even then apps will get flagged by Play services (ex. Those game currency spoofer apps)
OCBC was the center of a spate of SMS phishing scams last year, which wiped out SG$13.7 million ($10.17 million) from the accounts of 790 customers. Scammers had manipulated SMS Sender ID details to push out messages that appeared to be from OCBC, urging the victims to resolve issues with their bank accounts. They then were redirected to phishing websites and instructed to key in their bank login details, including username, PIN, and One-Time Password (OTP).
That's not from bad apps... If anything this new policy will make me use the mobile website instead of the app.
That's not from bad apps... If anything this new policy will make me use the mobile website instead of the app.
I'd also consider switching banks if it isn't too much of a hassle. They clearly can't invest well in terms of security for their users.
Can't use the mobile website, because the OTP is generated via the app. So you'll still need the app. Standalone OTP tokens are being phased out; my bank's doing so from October this year.