Breaking news:DBS investigates unauthorised withdrawals from DBS/POSB accounts

DBS investigates unauthorised withdrawals from DBS/POSB accounts Singapore | Updated today at 07:07 PM By Robin Chan If you would like to share your story with us, e-mail stmoney@sph.com.sg. DBS Bank is investigating a potentially large scale bank fraud, after a series of unauthorised withdrawals were made from Malaysia. The bank is combing through all transactions made in Malaysia to validate them, and said that all customers would be fully compensated within 24 hours for any false transactions. 'Some customers informed the bank of unauthorised withdrawals made in Malaysia through their DBS/POSB ATM/debit cards. Their compromised cards were immediately deactivated and we are now taking steps to compensate these customers in full,' said Mr Jeremy Soo, managing director and head of consumer banking group Singapore at DBS Bank, in a statement issued by the bank. Any customer that believes their ATM or debit card has been compromised should contact the bank at 1800-220-1111 or visit any bank branch. The bank will also issue a replacement card on the spot at any of its branches. 'Investigations are currently underway and we are presently validating all ATM/Debit card transactions made in Malaysia over the past few days. We will also be alerting customers should we detect any unusual activty on their accounts,' Mr Soo said. The police also confirmed that they have received several reports of unauthorised withdrawals being made from POSB and DBS bank accounts and that the Commercial Affairs Department is investigating the matter. Bank account holders may wish to check their bank account and if they believe unauthorised withdrawals have been made, are advised to lodge a police report via the electronic police centre at http://www/spf/gov/epc/ or at any neighbourhood police centre. The report should include the date, amount, location and transaction description for each unauthorised withdrawal. Bank account holders should also report the matter to the bank. -Follow me on twitter: @welovepororo Like me on FB http://www.facebook.com/pages/Piggy-AiAi/264500440242933