DBS may introduce short-term measures to deal with new SMS scam variant

Targets may receive unsolicited SMSes with tags such as "SG-DBS" or "DBS-Notice" claiming that their card had been blocked or their bank account frozen. PHOTO: DBS/FACEBOOK

SINGAPORE - DBS and the police prevented more than 600 of the bank's customers from being scammed in May and recovered $173,000 in losses, both organisations said in a statement on Wednesday night (June 8).

However, about 60 people still lost between $60 and $3,000 each because of new phishing scams.

Thus, the bank may take "short-term measures that may lead to friction or delay to transactions", because of a widespread current scam campaign, the statement added.

DBS did not elaborate on what these measures would be, but said that they are meant to disrupt the scams and protect their customers, and that their bank's systems remain secure.

"Members of the public should be prepared for such delays, and their understanding is appreciated."

The Straits Times has contacted DBS for more details.

Targets of the new variant may receive unsolicited SMSes with tags such as "SG-DBS" or "DBS-Notice" claiming that their card had been blocked due to unusual activity, or that their bank account had been frozen due to suspicious activities.

The SMS then directs victims to sign in via an embedded link to verify their identity.

This link redirects victims to a spoofed Internet banking log-in page, where victims would be asked to key in their online banking username and password, the statement said.

After entering the spoofed website, victims would be redirected to another spoofed webpage requesting that they key in the one-time passwords received on their mobile phones.

This compromises their accounts and allows scammers to siphon off funds, with victims finding out only later.

Banks will never send an SMS with links that can be clicked, the statement said. It added: "Members of the public should not click on links in SMSes that are purportedly from banks."

About 60 people lost between $60 and $3,000 each due to new phishing scams. PHOTO: SINGAPORE POLICE FORCE

A rash of scams in Singapore, including one last December where nearly 470 OCBC Bank customers lost at least $8.5 million, has resulted in the Monetary Authority of Singapore and the Association of Banks in Singapore taking action to protect customers.

An emergency self-service "kill switch" that lets customers freeze their bank accounts if they suspect that their accounts have been compromised is among a slew of measures that will be introduced from Oct 31 this year.

Customers who suspect they are a victim of a scam can call DBS' dedicated fraud hotline on 1800-339-6963.

DBS will assist those customers with necessary follow-up actions including replacing their cards and lodging a fraud report, the statement said.

Members of the public with any information on scams can call the police hotline on 1800-255-0000, or submit it online.

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