A DBS account holder, who previously claimed that thieves managed to draw S$5,000 from an ATM card he had lost in Bali without needing his signature or pin number, has since said that the bank has offered to refund half of the hefty sum he lost.
Two weeks ago, Facebook user RoMorpha Ankylosau revealed on social media: “So I lost my DBS atm card in Bali and some thieves managed to get hold of the card and insert it through an emv card machine.
“Apparently, WITHOUT a pin or signature, the thieves were able to deduct 5000 sgd from the card in a span of 5 minutes without raising any eyebrows from the bank although the merchant had a dubious name like “CASHLEZ Cakrashop Bali” and “CASHLEZ Cakrashop Bandung”.
Asserting that he was not notified of the large withdrawal by DBS, the netizen wrote: “The bank did not send any alerts to my phone neither did they notify me in any way whatsoever.”
Revealing that DBS “acknowledged that the thieves were able to steal funds even without a pin or signature because of the emv chip on the card” the netizen claimed that DBS will not be able to refund the funds to his account as the case is a lost card scenario and because they allegedly “don’t have insurance for this.”
RoMorpha added that he contacted DBS and informed them about the dubious transaction before the funds were ever released but the funds were still released to the fraudsters two days later. He wrote:
“I actually called the bank from Bali when I found my card missing and saw the funds being posted in the debit card transactions page online and told them about the dubious transactions, 2 days later, they still released the earmarked funds to the thieves saying the funds had been earmarked for release and that they could not do anything about it although previously when I had called to report the fraud, the money had just been sitting in my account waiting for transfer and the DBS staff on the phone acknowledged that.”
Expressing his frustration over the low security DBS’ ATM cards offer, the netizen wrote: “Losing the card is one thing but having 0 security on a DBS card is another. Losing the card does not necessarily mean losing money but losing a card with 0 security and no security measures or preventive measures put in place means I can go out there, buy an EMV chip card reader and swipe you guys to the cleaners.”
A DBS spokesperson later clarified that the card in this case is an international scheme debit card that allows users to make purchases without a pin. This was in response to The Independent’s queries on how the thieves managed to draw S$5,000 from the lost ATM card without needing a signature or pin number.
Revealing that the bank instantly alerts account-holders when suspicious transactions are detected, the spokesperson said:
“We wish to clarify that the card being referenced is an international scheme debit card. As with other international scheme cards (credit or debit), purchases can be made without a pin. No cash can be withdrawn from ATMs without a pin passcode.
“The bank sends alerts instantly to the affected customer when suspicious transactions are detected or when transactions exceed certain thresholds. Fraud claims are assessed on a case-by-case basis, and refunds are provided based on the outcome of these assessments.”
In an update published on Facebook, the DBS account holder revealed that the bank has “offered half back but I told them that this was totally unjust and unfair because DBS was contributorily negligent.”
Asserting that he never received any notifications informing him of a suspicious transaction in spite of DBS’ claim that they sent a notification from their end, RoMorpha speculated: “I think they probably said this to cover their asses because it is the responsibility of the bank to send notifications but they did not.”
In a separate message to The Independent, the netizen emphasised that he “never received a single notification from them whilst the fraudulent transactions were taking place.”
On his Facebook page, RoMorpha continued that he could verify that he received no notification about the suspicious transaction with his telecommunications provider.
Asserting that he would not have been aware of the loss if he did not realise that his card was missing, the netizen added that he wished to appeal DBS offer to refund half the stolen sum but was told that he would have no right of appeal.
Claiming that the customer relations officer he spoke to declined to allow him to speak with his superior, RoMorpha wrote: “I said I wanted to appeal this and wanted to speak to the customer relations manager’s superior. He said no, there is no right of appeal and you can’t speak to my boss – the result will be the same.”
Expressing outrage that there is no appeal process to aid clients, RoMorpha lamented: “It is obviously the bank’s fault when there are 0 security measures put in place and when you check with other banks, apparently, they can block transactions, stop transactions, notify you by phone call and even return you the funds due to insurance.
He alleged: “I asked why other banks could do exactly what DBS couldn’t and I was told that this was DBS.”
DBS declined to comment on RoMorpha’s update.
https://theindependent.sg.sg/dbs-clarifies-that-no-pin-is-necessary-for-international-scheme-debit-cards-after-complaint-goes-viral/