Friday, February 24, 2012



More news of more unauthorised withdrawals from DBS ATMs and more bitching about DBS is justified and expected. Previously, 700 over customers and close to $1million stolen from ATMs. This time about $23,000 was stolen from 17 unfortunate DBS-POSB customers over the weekend. Compensation is on the way for them though.

DBS was quick to assure its customers that it was not new skimming, just that it was the horrible thieves who stole ATM card info did not have time to steal all the money the earlier round. Right, very assuring. Now that the thieves had spent all the booty on booze, women, gambling, their kids overseas' education fund and God knows what other vices, they need more money and dug deeply into their bank accounts ahem... DBS customers' bank accounts, which are the same thing.

So! Some questions we should ask, while we decide whether we should move all our money into a competitor bank or just stuff the cash into Milo tins in the kitchen,

1) The skimming were from 2 ATMs located at Bugis Street some time in November 2011, and 2,726 people had used those dodgy ATMs. Simple maths meant that up to 800 people had their bank accounts broken into already from the news reports and close to 2,000 more are next in line. Did DBS earlier inform these 2,000 customers that they might be next and they should get a new card and change their passwords as a temporary security measure?

2) The police were quick to arrest 2 Malaysian ATM card skimmers soon after the big ATM heist last month. The latest ATM theft of $23,000 simply showed that the lads in blue did not nab all members of the ring. Or they snared a different ring last month, which is fantastic I really know, but unfortunately it isn't enough.

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