DBS CEO says sorry for ATM fraud - 11Jan2012

SINGAPORE: DBS Bank's CEO Piyush Gupta has apologised to customers for the anxiety and inconvenience caused by recent cases of fraudulent ATM withdrawals. Speaking for the first time publicly on the incident, Mr Gupta added that there's no "internal involvement" in the fraud incident. He also said the bank will provide SMS alerts for ATM withdrawals beyond a certain amount or when it detects unusual transaction activity. Reports of unauthorised ATM transactions sent many DBS Bank and POSB customers to check on their accounts on 6 January. Mr Gupta said: "I just want to say on behalf of all my colleagues, we regret all the inconveniences that people face and we're sorry for what you have to go through." Following complaints from customers of the unauthorised transactions, DBS had immediately de-activated the compromised ATM cards. All in, 400 customers were affected by the largest ATM fraud in Singapore and about S$500000 was stolen from the accounts over two days on 4 and 5 January. The unauthorised withdrawals were made in Malaysia, with the bulk of them occurring on 4 January. Mr Gupta said there are no new cases and all affected customers have been compensated in full. DBS is looking to enhance security measures to prevent such ATM scams in the future. These include providing SMS alerts for ATM withdrawals beyond a certain threshold or when the bank detects unusual transaction activity. Mr Gupta said: "We'll try and make this an industry standard, that beyond some ...

View Count: 0 Date: January 11, 2012