Posted on 14 Jan 2012
DBS, $1m gone, and we still don't know what you're doing to keep our money safe
The amount of money found to be missing from DBS and POSB bank accounts has now doubled to $1m, with nearly 700 customers affected in total. Two Malaysians have also been arrested with ATM skimming equipment in their possession.
Malaysians Loke Siew Fei, 27, and H'Ng Gaik Chin, 39, were arrested at Kim Tian Hotel at Geylang Lorong 22 in connection with the case. They had in their possession a laptop, a curved screw driver, a metal panel with pinhole camera and a green plastic in the shape of an ATM card slot -- all equipment for skimming ATMs and making fake cards.
Before the new figures showing the extent of the fraud had been announced, DBS had previously stated that a total of 400 customers had been affected and $500,000 stolen from both DBS and POSB bank accounts by fraudsters in Malaysia. They are believed to have used ATM skimming equipment to make unauthorised withdrawals from the accounts.
STOMPers had earlier also expressed unhappiness over DBS CEO Piyush Gupta's apology and comments that card-skimming fraud can happen to any bank, made six days after news of the unauthorised withdrawals first came to light.
STOMPer Neil wrote:
"From $500,000 missing from 400 accounts, we now see that a whopping $1m has gone missing, with nearly 700 people affected altogether now. Maybe tomorrow it will be twice that.
"DBS what on earth is going on? Singaporeans have a right to know what has become of their hard-earned money.
"For many, the cash constitute life savings, or retirement money, or money saved to build a nest egg.
"Tell us up front how much has been lost in total and what is being done. I'm sure there is much more to this case than you are letting on."
STOMPer Cashline also wrote:
"Every day the amount of cash lost climbs, and the number of people affected increases.
"Where are the assurances? DBS needs to make public statements, to assure us that they are in control of the situation.
"I don't think it is right for them to withhold information like this."
Malaysians Loke Siew Fei, 27, and H'Ng Gaik Chin, 39, were arrested at Kim Tian Hotel at Geylang Lorong 22 in connection with the case. They had in their possession a laptop, a curved screw driver, a metal panel with pinhole camera and a green plastic in the shape of an ATM card slot -- all equipment for skimming ATMs and making fake cards.
Before the new figures showing the extent of the fraud had been announced, DBS had previously stated that a total of 400 customers had been affected and $500,000 stolen from both DBS and POSB bank accounts by fraudsters in Malaysia. They are believed to have used ATM skimming equipment to make unauthorised withdrawals from the accounts.
STOMPers had earlier also expressed unhappiness over DBS CEO Piyush Gupta's apology and comments that card-skimming fraud can happen to any bank, made six days after news of the unauthorised withdrawals first came to light.
STOMPer Neil wrote:
"From $500,000 missing from 400 accounts, we now see that a whopping $1m has gone missing, with nearly 700 people affected altogether now. Maybe tomorrow it will be twice that.
"DBS what on earth is going on? Singaporeans have a right to know what has become of their hard-earned money.
"For many, the cash constitute life savings, or retirement money, or money saved to build a nest egg.
"Tell us up front how much has been lost in total and what is being done. I'm sure there is much more to this case than you are letting on."
STOMPer Cashline also wrote:
"Every day the amount of cash lost climbs, and the number of people affected increases.
"Where are the assurances? DBS needs to make public statements, to assure us that they are in control of the situation.
"I don't think it is right for them to withhold information like this."
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Ref:Stomp
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