11 Jan '12, 1pm

[CNA] DBS/POSB bank sends SMS alerts on ATM withdrawals

SINGAPORE: DBS Group Holdings chief executive Piyush Gupta said the bank will provide SMS alerts for ATM withdrawals beyond a certain amount or when it detects unusual transaction activity. The move comes after 400 customers fell victim to a card skimming fraud where S$500,000 was withdrawn from their bank accounts without their authorisation over two days on January 4 and 5. DBS Bank already has an SMS alert system for Internet banking and credit card transactions. But bank customers are divided on the effectiveness of SMS alerts to fight against hackers. Vaune Phan, a DBS customer, said:" I don't think it'll make much of a difference because if the hackers can hack in any way, they can just do it no matter if DBS sends us SMS notifications. But they should step up their security level." Another DBS customer, Casper Yap, said: "I don't check my account regularly, so if th...

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

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