DBS CEO Apologizes for Stolen ATM Card Information
One week after the ATM skimming incident, DBS Group Holdings Chief Executive Officer (CEO) Piyush Gupta issued an apology to all Development Bank of Singapore (DBS) and Post Office Savings Bank (POSB) customers. Speaking at a DBS private luncheon today, Mr. Gupta emphasized that the card skimming incident could have happened to any other bank, but the criminals targeted DBS/POSB. Mr. Gupta relayed his regret over the anxiety the incident caused to the bank’s customers.
DBS and POSB merged in 1998, making it one of the leading local banks in the island. The bank lost almost S$ 500,000 (US$ 386,667) in reimbursing the 400 customers affected by the unauthorized withdrawals from 4 to 5 January.
The world of hackers and crooks out there is getting smarter everyday. It is incumbent on us as your bank to stay ahead of them. Banks have to make it difficult for them to capture data and if data is stolen, for them to use the data.
Mr. Gupta announced enhanced security measures, including SMS alerts to customers when withdrawals to their accounts exceed a predefined limit. DBS/POSB customers can set these limits through online banking or over the bank counters.
Cybercrime is a growing threat worldwide, and this involves various activities, including identity theft, financial fraud, and the like. Cybercrime can involve mobile devices, such as malware in smartphones, stolen credit card information, stolen online account information, and this time, ATM accounts. Security experts have warned that end-user involvement is usually the best line of defense. If you feel that a mobile application asks for too much access, or if you think an ATM terminal has an installed skimming device, then simply walk away.
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