DBS Bank: “Safest Bank in Asia 2009, 2010 and 2011”?

DBS Bank is the “Safest Bank in Asia 2009, 2010 and 2011”?

Really?

How come I read so many instances of banking frauds like THIS, THIS and THIS the past few days?

So much so that there’s even a Breaking News on StraitsTimes.com titled “DBS investigates unauthorised withdrawals from DBS/POSB accounts”:

About $200,000 of unauthorised withdrawals have been made from DBS and POSB accounts, as DBS investigates what could be its largest case of fraud to date.

The bank said at 8pm that 200 customers have reported unauthorised withdrawals made from their ATM or debit cards, with the average amount withdrawn at about $1000 per account.

The bank is combing through all transactions made in Malaysia to validate them, and said that all customers would be fully compensated within 24 hours for any false transactions.

Some customers informed the bank of unauthorised withdrawals made in Malaysia through their DBS/POSB ATM/debit cards. Their compromised cards were immediately deactivated and we are now taking steps to compensate these customers in full,’ said Mr Jeremy Soo, managing director and head of consumer banking group Singapore at DBS Bank, in a statement issued by the bank.

BACKGROUND STORY

Bank account holders may wish to check their bank account and if they believe unauthorised withdrawals have been made, are advised to lodge a police report via the electronic police centre at http://www/spf/gov/epc/ or at any neighbourhood police centre.

The report should include the date, amount, location and transaction description for each unauthorised withdrawal. Bank account holders should also report the matter to the bank.

Everyone, please go check your POSB and DBS accounts for any unauthorised transactions over the past few days. In particular, inform your elderly friends and relatives or others who may not be so well-informed on the latest news to check their accounts as well.