The Association of Banks in Singapore (ABS) said, "Preliminary investigations indicate that there was no breach of any systems within the banks. All affected customers in Singapore will not be liable for these unauthorized transactions. Banks are working with the credit card associations to investigate these incidences." The real reason why the frauds took place was because ComGateway was hacked and hundreds of thousands of consumers' credit cards and cvc numbers were compromised. Yes, they were stolen because ComGateway, one of the major online concierge/forwarding provider, did not secure the information stored with them. In other words, consumers were open to fraudulent charges not only from Neweb but also any company which the crooks had connection to or sold the information to.