DBS Introduces Singapore’s First Internet Banking Guarantee
Last Friday, DBS introduced a “money safe” guarantee to give its Internet banking (iBanking) customers added protection and greater peace of mind.
With the “money safe” guarantee, DBS’ iBanking customers will be automatically protected when transacting online, with the bank reimbursing them in the unlikely event of unauthorised transactions on their iBanking account. Customers will still need to continue to do their part by keeping their login PINs, identity and tokens secure, to minimise the risk of unauthorised transactions.
“We believe that Internet banking is becoming an increasingly important aspect of banking of the future. Although the industry follows a set of high security standards, many still have concerns over transacting on the Internet. As the bank with the largest number of online users, we want to take the lead to give our customers greater peace of mind and assurance when they transact online with us,” said Mr Rajan Raju, Group Executive, Consumer Banking Group, DBS.
I consider this a pretty insignificant guarantee as I don’t think the bank will take liability if the customer is clearly at fault in losing his pin, etc.
For the case where the internet banking account is compromised through no fault of the customer, it would be seen as very bad PR if they try to make the customer liable anyway.