19 Jan '12, 12am

SMS alerts for ATM withdrawals by end-June

SMS alerts for ATM withdrawals by end-June

POSB account holders queueing to update their passbooks in Bishan on Jan 6, after hundreds of DBS and POSB customers were hit by ATM fraud. From June 30, all banks must give SMS alerts for ATM withdrawals over a set amount. -- ST PHOTO: SAMUEL HE By Magdalen Ng Alerting customers to large cash withdrawals is among the safeguards lined up to make ATMs safer, as the banking industry responds to the million-dollar scam that hit DBS and POSB customers two weeks ago. Local and foreign banks will have to introduce SMS alerts for ATM withdrawals over a set amount, whether made in Singapore or overseas, by June 30, the Association of Banks in Singapore (ABS) told The Straits Times in response to queries. ABS has around 10 member banks that offer ATM services. Related Links BANKS ON TRACK TO MEET INDUSTRY STANDARDS While the threshold has yet to be determined, industry sources sugg...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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