It is not easy to scam the financially wealthy whom have experts in legal & tech to assist them, as well as individuals with investment portfolios whom are very careful with their hard earned money.
It is the aged & the non-tech savy individuals whom are more susceptible to scams. Banks do have a part to play to find counter measures against scamming.
1.The OCBC initiative would work, but ONLY if it provides handphones with only trusted apps installed, free or on hire purchase. Any other apps installed would render the phone unable to log in to the Bank. Thus the customer will have to obtain another phone if he/she intends to download videos, games & other apps & when the victim attempts to use the other phone to log in to the Bank, it will be unable to do so as the Bank will not recognize the device attempting to connect to the bank.
2. Banks will have to review their tech security measures with regards to customers' accounts. With just a simple microsoft excel program, someone whom has access to servers in a bank, will use a USB flash drive to connect with the bank main servers. The program will search out targets of interest - those whom are in their 40s & above, with little education, but with savings in ten of thousands, then list it on its spreadsheet, including phone numbers & all other details. Within 15mins, it would be enough to gather all info. With the USB flash drive pulled out & easily walked out of the bank ofqfice after working hrs, it can be sold to 3rd parties for a sum of money, which are what scammers need to shorten the million people list to focus on.
3. The MAIN counter measures are still upon those who use handphones for transactions. If they need help to download apps, especially our aged, perhaps our Community Centres can help, such as 2hrs every Saturday to assist on any downloads of necessary apps, staffed by volunteers whom are tech savy, whom can even run a diagnostic check on their handphones for any malicious apps.