DBS Refused To Help Customer Who Lost $2000 Through Fraudulent Transfers

A reader discovered three unauthorised overseas transactions on his DBS account amounting to $2000.

When he approached DBS to report this case, their immediate response was for the reader to inform the police instead as these transactions were successfully made with a secure OTP. The reader feels frustrated and confused as he had never received any OTP notification of these fraudulent transfers. The other fishy bit was that these transfers were made to Malaysia even though he had not activated overseas transactions.

His story is published below:

"DBS IS NOT SAFE AT ALL!!!

On 16 September, I discovered three transactions on my account that I never authorized. The total transactions was $2000.

I immediately contacted DBS and reported the case because I was never aware of these transactions, no notifications, no SMS, no email, nothing at all. It's like my money was gone like a wind when I woke up one morning.

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To my surprised, the immediate answer to my call was SORRY, WE CANNOT HELP YOU BECAUSE THE TRANSACTION WAS SECURED WITH AN OTP (ONE TIME PIN) All you can do is to report to the police.

As we all know, OTP is required for every online bank transactions in order for us to authorise any transactions using our online account. AND I NEVER RECEIVE ANY OTP AT ALL!
I've made a police report and send to them, been calling them so many times and all they can say is my claim was denied because the transaction was authorise with an OTP. Called them again and again and what they can say is my appeal was denied because there was an OTP.

DBS is claiming that they are Asia's Safest Bank????? is this what you called safe??? Are you not ashamed how you treat your account holders???

I don't even activate my overseas transactions and these money was transferred to Malaysia based on the conversion that I can see from my transaction history. I'm just feeling so disappointed with their bank security.

Also, all my bank transactions whether it's a money transfer, online purchase that I do has notifications through email and SMS. I just smell something fishy that these fraudulent transactions went through without any notifications at all.

Obviously, DBS failed to protect their account holders, I regret that I trusted you as my bank.

I know I am not the first customer, I have read another case similar to me and based on the comments, there's a lot us. You can read the link below from The Online Citizen Asia post https://www.onlinecitizenasia.com/.../netizen-claims-dbs.../

I'm so lost right now as $2000 is not a joke, speaking to DBS customer service feels like you are not talking to a human being, it is very easy for them to say "SORRY WE CANNOT DO ANYTHING"

FEEL FREE TO SHARE FOR EVERYONES AWARENESS. Too much sadness and disappointments in this time of pandemic."

Tope Li

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