DBS to alert customers of ATM withdrawals via SMS

DBS Bank and POSB customers can soon expect SMS alerts if withdrawals over a certain amount are made from their bank accounts.

This was revealed yesterday by DBS Group Holdings chief executive Piyush Gupta, who apologised for the inconvenience and anxiety caused by automated teller machine (ATM) fraud cases earlier this month, The Straits Times reported.

DBS told my paper that the threshold that would trigger the SMS alerts cannot be revealed for security reasons.

Should it be made known, scammers would be able to withdraw just below the threshold to avoid detection.

Although DBS declined to say when the service would start, it is currently providing SMS alerts for any suspicious overseas withdrawal.

About 400 customers were affected in the ATM fraud, with about $500,000 stolen from their accounts.

In response to a media question on other fraud-prevention measures, DBS said replacing the magnetic strip on ATM cards with a smart chip can prevent the theft of data.

However, many countries do not yet accept the use of such cards, so implementing the chips would inconvenience customers.

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