Last Friday, DBS introduced a “money safe” guarantee to give its Internet banking (iBanking) customers added protection and greater peace of mind.
“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.