A 70-year-old man in Singapore lost about S$71,000 in just two hours after he clicked on a malicious fake Google Play application on his phone. The man, known as Loo (not his real name), told Shin Min Daily News that he received a call from a DBS Bank staff at around 9am on January 29. The staff informed Loo that multiple transfers of money were made from his account to foreign countries from 3am to 5am, totaling S$71,000. Afterward, only about S$2,000 was left in his account. In the process, Loo lost his S$30,000 pension that he received in January. Additionally, more than S$6,000 was charged to his credit card, which he has not repaid yet.
Loo subsequently reported the matter to the police and handed his phone over to them for investigation. According to a DBS spokesperson, police investigations revealed that Loo’s phone was compromised by malware. This can happen when one downloads applications laced with malware from unauthorized sites. Malware allows hackers to “take control” of a mobile device to perform fraudulent
The Monetary Authority of Singapore (MAS) fiercely criticizes the recent disruption of DBS’s online banking services as “intolerable” and vows to take “supervisory actions.”
DBS “Falls Woefully Short of MAS’ Expectations” Singapore’s central bank and financial regulatory authority sternly stated on Mar. 29 that it places great importance on the reliability of banks’ critical IT systems, and that DBS has woefully fallen short of MAS’s expectations to ensure the availability of its systems at a high level and to recover its IT systems expeditiously.
This disruption comes just a year after a similar incident in November 2021, MAS pointedly noted.
“MAS has been closely monitoring DBS to ensure a swift recovery of its digital services and timely communications to customers regarding the disruption,” MAS said.
MAS Promises Supervisory Actions After DBS Investigation MAS remarked that the bank has since resumed normal digital banking services and is keeping a watchful eye on the situation.
Nonetheless, MAS has instructed DBS to conduct a comprehensive investigation to ascertain the root cause of the disruption and submit its findings to the regulator.
MAS asserted it “will take commensurate supervisory actions after gathering the necessary facts.”
Numerous customers using DBS and POSB online banking apps, as well as PayLah! users, were unable to access the services.
Users were alerted that the bank was “experiencing heavy traffic” to its services and were advised to log in later.
DBS provided an update on Facebook at 12:49 pm stating that access to digital services was “intermittent,” and later announced that their digital services had returned to normal as of 5:45 pm.
“We Deeply Regret the Inconvenience Caused”: DBS In a statement on Mar. 29, DBS CEO Piyush Gupta expressed the bank’s disappointment that many of their customers were unable to access DBS digital banking services.
He added, “We hold ourselves to higher standards, and it is our utmost priority to scrutinize the events of today. We acknowledge the gravity of the situation, appreciate our customers’ understanding, and deeply regret the inconvenience caused.”