Wednesday, July 13, 2016

DBS Bank allow crooks to withdraw a large sum of money

Hi Mr Tan,

This is another example where no numbers of layer of security token could prevent such "scams". Case in question, has the victim been able to think out of the box under stressed situation? did our supposedly safe environment gives the victim the trust to authority without the need to doubt any further? would the victim have doubts or dare question authorities or banks if she received calls posing as such? Another very sad case.

I am really surprised that DBS Bank could allow the crooks to withdraw $70,000 from the credit card. Something is wrong. Usually, any payment under a credit card has to be approved by the card holder before payment is made to the othe party. 


Yujuan said...

Typical case of a Singaporean robotic mentality, do whatever is told to do by whatever Authority, never stop to think and ask.
My part time maid did something similar. A contractor's workers said to be from SP services rang our door bell, told the maid they had to change the water meter, she opened the gate without asking questions and allowed them to change, only she was at home alone. What if they were robbers?
Never occur to her to call our mobile to confirm, we never received any notice that water meter had to be changed either.
Now DBS has taken some rudimentary precautions for possible fraudulent scams, if you make large transfer at the counter, teller would ask whether you know the would be payee, or in what way you are related to the latter. Must have many victims first before this Bank would take action.

CH Yeo said...

Don't be so fast to blame the bank. If you check the actual sequence of events, they got her on the phone (for hours) and convinced her to give up ALL her internet banking details on the pretext that they need to check her account for fraud wrt to her supposedly stolen credit card details. As far as DBS was concerned, it looked like she was doing the transactions herself, no reason to intervene.

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