DBS/POSB ATM fraud unrelated to your Malaysia visit

myself also received 10sms since lunar new year 2012 till today .. 

$1000 withdrawal 

 

Called DBS immediately but they not helpful  so 

 TO press safe  :  i Transfer money to other account left $500 only.

online   articles source 

DBS/POSB ATM fraud unrelated to your Malaysia visit

January 6th, 2012 admin

(SINGAPORE) As the inquest into the breakdown of DBS Bank's network continues, it appears that the bank's showing fell short of the reliability benchmarks laid out by the Monetary Authority of Singapore (MAS).
This, in turn, could invoke a regulatory backlash as banks cannot hide behind outsourcing their operations.
As a key economic pillar, banks are expected to keep their services up and running all the time. MAS has emphasised this point in its Internet banking and technology risk management (IBTRM) guidelines, saying users expect online banking services to be accessible '24 hours every day of the year' and this is 'tantamount to near-zero system downtime'. The guidelines then add: 'Banks, their service providers and vendors who provide Internet banking services need to ensure they have ample resources and capacity in terms of hardware, software and other operating capabilities to deliver consistently reliable service.'
For banks, this expectation typically translates to so-called 99.99 per cent systems availability or better, or less than 53 minutes of downtime per year. Some strive for 99.999 per cent availability or a downtime of just 5 minutes 15 seconds a year. The most exacting standards in the technology sector are placed on military-grade systems with the threshold for failure being under 32 seconds annually, or an uptime of 99.9999 per cent.
On Monday, however, DBS suffered its most severe systems failure to date. Besides crippling its Internet banking systems, technical glitches disrupted other consumer banking services including automated teller machines, credit card and Nets payments, for as long as seven hours.
'While there may be multiple reasons for an outage, the redundancies built into the bank's systems should act as a first-level buffer before the back-up systems kick in. So it is likely there was some violation of QoS (quality of service) agreements between the bank and its service provider,' said Shawn Yip, an Asia-Pacific market analyst with research firm IDC Financial Insights.
'For mission-critical systems, we would expect system restoration to be within four hours, 95 per cent of the time,' added Jim Longwood, research vice-president of IT sourcing at analyst firm Gartner.
Banks and major corporations tend to factor in so-called redundancies when designing their technology systems. This allows the computing tasks that are handled by a failed component such as a server to be spread to other working ones before a back-up machine can be fired up.
Although DBS did have such contingencies in place, these measures failed to kick in.
'The bank takes responsibility for yesterday's (Monday's) incident and is sorry for the inconvenience caused,' DBS chief executive Piyush Gupta said in an e-mail response to BT yesterday.
Singapore's largest bank farmed out the bulk of its application development and technology infrastructure operations to IBM in 2002. The 10-year outsourcing deal is worth some $1.2 billion - one of the biggest outsourcing contracts in Asia at that time. Under the pact, which expires in 2012, some 500 IT personnel from the bank were transferred to IBM but some were rehired by DBS a few years later.
Such outsourcing arrangements will not absolve the bank of blame, according to MAS. 'A bank's responsibilities and accountabilities are not diminished or relieved by outsourcing its operations to third parties or joint-venture partners,' its IBTRM guidelines clearly state. MAS has previously said it does not rule out 'supervisory action' if banks fail to comply with this set of rules.
When contacted, DBS and IBM said they are still in the midst of a 'full-scale investigation'. According to the bank's website, systems maintenance was carried out on its Internet and mobile banking systems just 24 hours before the glitch was uncovered, but it is unclear if the two incidents are related.
'IBM and DBS worked closely together to restore services as soon as the outage occurred,' said Donald Hanson, the IBM account manager for DBS. He declined to reveal further information, citing contractual confidentiality.
'Ultimately, there were many reasons for the glitch, and we think that several parties, not just one, would have been factors to the incident,' said IDC's Mr Yip.
Penalties could be meted out to the technology provider if the firm is found to be responsible for the disruption, added Gartner's Mr Longwood.
'A seven-hour outage of a mission-critical system during normal business hours - say, 8am to 6pm local time - would usually invoke penalty clauses to come into effect, with a 10-20 per cent reduction in the monthly fees for the affected towers of service,' he explained.
Apart from financial penalties, service drivers would be driven by the hit their market image could take, he added.
To help handle the unexpected, United Overseas Bank and OCBC Bank both said they conduct regular disaster recovery exercises and they also frequently review their technology systems and procedures.
This article was first published in The Business Times.

About SGD200,000 of illegal cash withdrawal, affecting some 200 DBS/ POSB bank account holders had been reported by DBS yesterday, in what could be the biggest fraud case affecting the Singapore local bank to date.
What made the news even more interesting was the fact that initial investigations reveal all the illegal withdrawals were made in Malaysia, with the victims having not lost/ misplaced their ATM cards and for that matter, ever left Singapore at all.
Withdrawals were purposely kept small to avoid immediate detection, which allows the modus operandi to continue over a period. While DBS has promised to make good on the money lost due to this fraud, a Hugh question mark remain on how it could had occurred, and how to prevent it in future. This has left yet another scar on the image of DBS, following the downtime nightmare which occured in Jul 2010. See the related article here: http://www.asiaone.com/Business/News/Story/A1Story20100707-225629.html

DBS and POSB Logo. The key is not so secure after all.

As a precaution, DBS advise that any customer who suspects their ATM or debit card has been compromised should contact the bank at 1800-220-1111 or visit any bank branch. A replacement card will be issued on the spot at any of its branches.
For now, you need not worry about making your regular trip to Johor Bahru. It is not the cause for the DBS/ POSB fraud. In any case, you have more safety and security issue to worry in Johor Bahru than the bank fraud itself.
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Entry Filed under: Crime and Safety,News and Information

1 Comment 

1. sin  |  January 16th, 2012 at 5:03 AM

Cheated SGD 4000 plus. DBS Debit Platinum Card Fraud Case!!!!
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Hi Guys,
I am one of the victims for the fraud case as well. I saw Jacelyn’s case about the POSB Go Debit card fraud case. I am really helpless and feeling very sad about this fraud case. I found 2 smses on my phone saying that “A transaction of EUR1243.00, ETABLISSMENTS DARTY E occurred on your DBS Card ending 1321 on 12/01/12. Thank you” And the other amount is to the same party, and the amount is EUR1450.77.
I immediately called up dbs and report about this.And to my surprise, DBS told me that there is another transaction of EUR157.00 paid to the same party as well. Totally sum up to SGD 4875.80.
DBS also ask me to submit the dispute form which I had and to my horror, they even told me that I might not be able to get back the money. It is really a very big amount and my hard earn money.
I owe a DBS debit platinum card issued to me by DBS. I never purchase things online before as I am afraid of such things happening to me. I need help to get back this amount. I called DBS and they told me they will look into my case and will take 60 DAYS to get back to me. And I told them that 60days is too long and I am already very worried since yesterday 12/1/2012 this thing happened to me. And DBS people just tell me no choice. you have to wait. I think this is really irresponsible. And they do not even acknowledge on whether they receive the dispute form via email . When I called up DBS the person who attended to me previously go uncontactable.
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Best Regards,
Sin