Can you put a dollar value to trust? Perhaps. 

In Singapore, a phishing scam targeting OCBC Bank users resulted in a loss of $13.7 million and shook customer confidence in digital banking services. Although OCBC later made a goodwill gesture, acknowledging that its response fell short of expectations, the damage was done.


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Chew Han Ei is senior research fellow and Carol Soon is principal research fellow at the Institute of Policy Studies at the National University of Singapore and principal investigators at the NUS Centre for Trusted Internet and Community. Jeanne Tan is research assistant at the Institute of Policy Studies. 

Top photo from Freepik.