Unauthorized withdrawal from DBS/POSB account

DBS is currently investigating a potentially large scale fraud after several reports of unauthorized withdrawal made from Malaysia.

Forumer tester72 on Hardwarezone forum started a thread after he discovered 2 withdrawal made on his debit card on 2 Jan 2012. Total of S$654.94 were withdrawn from his account. Another person posted on her Facebook after she discovered more than $2000 was withdrawn without authorization.

It is still unknown how the fraudster make these cash withdrawals.

If you have a DBS or POSB account, do check your transaction history for any suspicious activities. If you believe your account has been compromised, contact the bank at 1800 220 1111. DBS said all customers would be fully compensated within 24 hours for any false transactions.

DBS have also started to proactively contact all customers with recent ATM transaction made in Malaysia to double check if these are indeed real transaction.

Actually, no harm checking all your bank transaction history even if they are not from DBS/POSB.

Update: According to CNA Facebook page, about 200 customers have informed the bank of unauthorized withdrawals. Average amount withdrawn was about S$1,000.

Update 2: DBS has found 400 cases of unauthorised withdrawals from the accounts of its customers. The bank is expected to pay out half a million dollars in compensation. They have also identified two ATM machines at Bugis that were compromised in late November. The bank has contacted 2700 customers who used the machine during that period.

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