I was a victim of the fraud reported in "Hackers steal OTPs sent by S'pore banks to make $500k in fake deals" (Sept 16).

Around Oct 23 last year, one of my bank credit cards recorded three overseas transactions overnight.

I rarely use this card, so I noticed these transactions when I logged into the Internet banking app.

Immediately, I called the bank's helpline, and was advised to block my credit card and told that the bank would issue me a new card.

When I asked if I needed to make a police report, I was advised that it was unnecessary.

The bank investigated the matter and, despite my protests, said that the one-time password (OTP) had been sent to me via SMS, and that I was therefore accountable for these fraudulent transactions.

I had also made a police report. When I asked the officer in charge about the progress of the investigation, he said his hands were tied because the fraud was perpetrated overseas.

Subsequently, the bank kept asking me to pay for the fraudulent transactions.

I asked it to pursue an action against me in court so that I could have an opportunity to defend myself.

Only yesterday did the bank reach out to me to offer a settlement, which I have accepted.

Given the prevalence of sophisticated technology in recent fraud cases, I would like to see the Monetary Authority of Singapore taking the lead in protecting retail customers like myself and the reputation of Singapore as a regional financial centre.

Chwa Poh Kew