All Singaporean Stuff has posted an article with the above titled that DBS/POSB accounts were being hacked and several readers have also added that their accounts too were hacked. There were unauthorised withdrawals and charges to their accounts. The biggest issue is that none of them did anything to their accounts, did not clicked any links, did not use their 2FA to authenticate. This is frightening.
Some were questioning how did the scammers get hold of the client's particulars, used the 2FA, which means they have the clients' phone numbers and could intercept and authenticate as if they were the clients,...without the client's knowledge, without DBS/POSB even aware of the hacked transactions. Where is the protection for the client's accounts?
With the new rulings that the banks would not be responsible for such losses, how irresponsible and dangerous this means to the clients, the article said some are closing their accounts or keep a minimum sum for essential transactions. Credit cards were also affected, with charges to Amazon.
If this continues, there will be a loss of confidence in our banking system and the consequences would be horrendous. What are the banks doing? What is MAS doing? It cannot be the faults of the clients, and losses due to hackings are the clients' responsibility. How can this be? So convenient, banks are not responsible?
Is this fair to the clients?
The Independent.sg reported this about MAS's action. 'The authorities are progressively working on securing digital banking. The Monetary Authority of Singapore (MAS) announced on Feb 7 that it is imposing an additional $930 million capital requirement on DBS, and directing the bank to acquire an individual expert to review such incidents.
MAS concluded its announcement with this warning: “MAS will take appropriate supervisory action against any financial institution that falls short of our regulatory expectations”.'
MAS concluded its announcement with this warning: “MAS will take appropriate supervisory action against any financial institution that falls short of our regulatory expectations”.'
What is more frightening is to invite the foxes into the hen house. Singaporean expertise is no guarantee, what's more if the expertise were foreigners with unknown backgrounds.
Looks like inside jobs. Highly suspicious. Otherwise how can they know the victims' phone numbers and able to use those numbers to verify the 2FA?
ReplyDeleteMany from India in many banks' IT dept . . .
ReplyDeleteNot only IT dept.
DeleteEven top people also from India.
Even have staff who tear off Singapore national flag and boasted about it through YouTube video, to show to the world.
The banks should be responsible for such breaches of security and safety of custumers' and clients' money being held by and in the banks. Otherwise, the bank staff can play havoc with the clients' and customers' accounts. Nobody will be the wiser.
ReplyDeleteThe CEO of DBS Bank must be held responsible.
The MAS must intervene to ensure justice is done and the police must investigate and arrest the criminals.
DBS Seems To Have A Very Serious Security Problem At Hand
ReplyDelete1. Nov 23-25 tech outage,
2. Ceaseless and unstoppable threat of phishing,
3. Stolen OTPs,
4. And now this magical and mysterious siphoning off of money from bank customers' accounts,
5. And worst of all, DBS is not aware of what was happening inside its online banking system, which has become a banging system where its customers are banging their balls and don't know who to turn to. (Advice: They should all go and make police reports.)
All the above, and perhaps more, make it looks like a very, very serious security problem/threat the DBS bank is having/facing.
This is worse than armed robbery.
Therefore, Police investigation is a must, as fast as possible. Time is the essence.
This is only natural and commonsense. The people put their money in the banks, someone hacked the bank, stole the money, and the responsibility is the people? What kind of hogwash is this?
ReplyDeleteCan the people say they want to sit inside the bank vaults to keep an eye on their money?
What is the fiduciary duty of the bank with regards to other people's money put in their care? No need to care, no need to be responsible? Not their problem is stolen?
The pharmas have big and serious problems. But the truth would not be told. They did not want the truth to be known.
ReplyDeleteIf it is an inside job, it will be covered up nicely, cleanly and sweetly. Do not worry. It happens only once in 50 years.
ReplyDeleteOops sorry, twice already in few months. Like the floods, it happened only once in 50 years, then suddenly became the norm. Will this also become the norm. Watch you money closely.
Since we trust the Indians, let the Indians do as they did in India.
Move your money to Bank Of India. So far no hacks or scams on their accounts.
ReplyDeleteOtherwise just keep all your cash at home.
SINGAPORE: The recent rise in COVID-19 cases, hitting five digits on some days, is "not unexpected", said Health Minister Ong Ye Kung on Saturday (Feb 12).
ReplyDelete"Omicron is highly transmissible so reaching 15,000, 20,000 or more is something within our expectations. So far, it's been that. It's been staying around 10,000 for some days, which gives us some comfort," he said. (You expected that to happen and you let it happened!)
"But as we have mentioned many times, the top line is much less important. The top line is important in the sense that we know where we are on the epidemic curve, that is still important information. But what's more important is the impact on the healthcare capacity." (Typical double talk)
Singapore reported 10,505 new COVID-19 cases on Saturday, the fourth time this week that daily infections have exceeded the 10,000 mark.
Time to fully reopen sink-land and move on. Cannot wait for oldies forever.
ReplyDeleteSinkies shall have to worry about their own livelihood and fate when the Sampan sunk.
ReplyDeleteMeanwhile
they got to do their best to help save themselves as the leak is happening right before their very own eyes.
The Boatmen have all the Safety Gears to themselves. They shall leave others to the Danger and Peril.
You Die Your Business.
Got the feeling that banks themselves may fall victims to scams.
ReplyDeleteInsurance company has been known to have fell victim to fraud.