DBS undertakes further measures to bolster digital banking security
Starting Friday (21 January 2022), DBS will send only essential SMSes to its retail and wealth customers until further notice. These include security and trade notifications, and OTP authentication - these will have no clickable links.
Our customers’ safety when banking online remains our top priority. The recent phishing scams call for urgent action to protect our customers against malicious activity and we are therefore implementing additional measures to guard them from online fraud. The more stringent measures are necessary as these criminals are becoming more sophisticated and aggressive in targeting unsuspecting customers. While these actions could introduce friction in day-to-day transactions, we seek our customers’ understanding as we double down our efforts to disrupt the activities of the fraudsters.
How DBS/POSB protects you from scams and online fraud
As part of our multi-layered defence against fraud, we use secure technology and protocols to ensure our customers’ information and money are safe, whenever they bank online. For example, DBS employs multi-factor authentication whenever customers perform online transactions.
The bank also has a dedicated anti-scam team with round-the-clock response capabilities to carry out intervention work, monitor and review fraud alerts. This includes stationing a full-time employee at the SPF’s anti-scam centre to ensure timely freezing of any accounts.
To safeguard the community against scams, we carry out transaction screening with our monitoring and surveillance systems, which helps us detect unauthorised activities on customer accounts. In addition, we use AI and machine learning that allows us to, for instance, detect distinct changes in user behavioural patterns; cross-reference unusual account changes; as well as instantly screen and block flagged transfers.
Once a customer has informed DBS that he/she has fallen to a scam, the bank will immediately prevent further fund outflows and work with the Singapore Police Force (SPF) to attempt to recover the lost funds.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.