OCBC Bank has announced a major investment in cybersecurity infrastructure following a surge in digital banking fraud cases across Asia. The program will include enhanced biometric authentication, real-time fraud detection algorithms, and consumer education campaigns.

The bank said it has doubled its cybersecurity budget for 2025, with new measures being rolled out to protect both retail and corporate clients.

“Cyber threats are evolving quickly, and banks must stay ahead,” said Patrick Lee, CEO of OCBC Singapore. “Trust is the foundation of digital banking.”

Singapore authorities have also tightened requirements for banks to report breaches within 24 hours and to compensate affected consumers promptly.

Experts believe OCBC’s upgrades will not only protect customers but also set a precedent for industry-wide resilience. With digital banking adoption accelerating, cybersecurity is expected to remain a top priority for Singapore’s financial sector.

Sophia Tan

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Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.