11 Jan '12, 6am

DBS CEO says sorry for ATM fraud

SINGAPORE: DBS Bank's CEO Piyush Gupta said the bank is sorry for what the customers went through after it was hit by a string of fraudulent withdrawals of funds recently. Speaking at a DBS Private Banking event on Wednesday, Mr Gupta added that the bank regrets the anxiety and inconvenience caused. Last week, DBS found 400 cases of fraudulent ATM withdrawals from the accounts of its customers, which amounted to half a million dollars. Following complaints from customers of the unauthorised transactions, DBS had immediately de-activated the compromised ATM cards. All affected customers were also compensated in full within 24 hours. Mr Gupta said he is happy with the bank's reaction to the crisis and that they were able to identify the affected ATMs and customers very quickly. He has pledged to "stay ahead of the hackers" and assured customers that their deposits are safe.

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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