Martin Lee @ Sg
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Fraudulent Withdrawals from DBS Accounts

More than $200,000 were illegally withdrawn from some DBS customers this year from ATMs located in Malaysia.

Apparently, someone has managed to clone the ATM card details (including the passwords) and made the withdrawals from Malaysia using the cloned cards.

Currently, there are about 200 customers affected with an average withdrawal of $1000 per account.

DBS is currently investigating the situation and have reassured the public that any monies that were lost will be rightfully refunded within 24 hrs after notification.

You might want to check your DBS/POSB bank balance to see whether you are one of the affected customers. This might be a challenge though as the internet banking service of DBS has been down since last night due to the over-whelming traffic.

And in typical Singapore style, some kaisu Singaporeans have started to withdraw money from their DBS/POSB accounts. Not so much they are afraid of DBS collapsing, but more of concerned that their account might be targeted by the Malaysia withdrawal scam.

There is even an online discussion about a possible bank run on DBS.

I am quite sure the mass withdrawals will not be enough to cause a bank run, but a large outflow of funds can become irritating to DBS.

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