Financial Fraud Alert: 219 DBS Customers Fall Victim to Scams, Losing Approximately S$446,000 in Just Two Weeks
In a concerning trend, at least 219 DBS customers in Singapore have fallen victim to scams within the first two weeks of the new year, collectively losing approximately S$446,000. The surge in cases primarily involves SMS phishing scams, where fraudsters pose as bank representatives and employ deceptive tactics to exploit unsuspecting individuals, as disclosed in a joint statement by the police and DBS on Sunday (Jan 14).
The modus operandi of the scammers includes sending unsolicited SMS messages with short codes, overseas numbers, or local numbers to potential victims. Claiming affiliation with DBS or POSB bank, the scammers issue warnings about "possible unauthorized attempts" to access the victims' bank accounts. The victims are then prompted to click on embedded links to "verify their identities and stop the transactions." Unfortunately, this leads them to fake DBS websites where they unwittingly provide sensitive information, such as internet banking details and One-Time Passwords (OTPs), allowing scammers to execute unauthorized withdrawals.
In response to these incidents, a DBS spokesperson assured that the bank would assess victims' circumstances and offer "goodwill payouts on a case-by-case basis." Additionally, the bank extends support beyond financial compensation by collaborating with counseling centers to provide emotional support for affected victims. DBS has implemented a robust anti-scam awareness program to enhance public vigilance and awareness regarding phishing scams.
Both the police and DBS emphasized that banks never send clickable links via SMS, with all banks removing such links in emails or SMSes to retail customers since early 2022. This measure, among others, aims to combat the surge in phishing scams. Authorities advised the public to install the ScamShield App for protection against scam calls and SMSes, enable two-factor authentication for bank accounts and e-wallets, and set up transaction limits. Notably, DBS employees will never request internet banking credentials or OTPs. Individuals suspecting they may have fallen victim to scams are urged to contact DBS' fraud hotline or activate the Safety Switch on DBS' automated phone system to temporarily block access to their funds. The joint effort between law enforcement and the banking sector underscores the importance of proactive measures to counteract the escalating threat of financial scams in 2024.
In the aftermath of the surge in SMS phishing scams impacting 219 DBS customers, both the police and DBS assure affected individuals of their commitment to addressing the fallout. "DBS would assist those customers with necessary follow-up actions, including replacing their cards and lodging the fraud report," affirmed the joint statement from the police and DBS.
DBS, recognizing the importance of proactive measures, encourages individuals to stay informed about the latest scam trends, advisories, and information through its official website. In a testament to their commitment to combating scams, DBS collaborates with various government bodies, including the police, Infocomm Media Development Authority, and the Cyber Security Agency of Singapore. This partnership aims to develop educational anti-scam content, enhancing public awareness and preparedness against evolving fraudulent tactics.
The spokesperson for DBS urged the public to remain vigilant and emphasized the bank's dedication to providing resources and support to counteract scams. Individuals possessing information about scams are encouraged to reach out to the police via the hotline at 1800 255 0000 or submit details online using the provided link. The collaborative efforts between DBS and law enforcement underscore the collective determination to not only address the immediate impact on victims but also to fortify defenses against future instances of financial fraud.
As the wave of SMS phishing scams continues to affect DBS customers, the collaborative response from both the police and DBS reflects a commitment to supporting victims and fortifying defenses against such fraudulent activities. With assurances that DBS will assist affected customers in replacing cards and lodging fraud reports, the joint efforts aim to mitigate the aftermath of these scams.
DBS underscores the importance of staying informed about the latest scam trends, advisories, and information, providing a valuable resource on its website. The bank's partnership with government bodies further reinforces its dedication to proactive measures, creating educational anti-scam content to enhance public awareness and resilience.
In this landscape of evolving scams, the concluding message is one of vigilance and collaboration. DBS encourages individuals to remain vigilant, while the police extend an invitation for the public to report any information about scams. This collective determination not only addresses the immediate impact on victims but also positions the community to confront and overcome future instances of financial fraud through knowledge, collaboration, and timely response.
