Here"s why DBS service is ROTTON...

[Fook Seng]

more likely a inside job.

maybe a Committee Of Inquiry

will be set up soon ???

The best source of pin codes of the cards is DBS's own video cameras installed at all ATMs. So is inside job likely?

 

[Summer]

Bro,


i think potential lawsuits (maybe) class

action type looming , from the 400 plus accounts

affected :


a) full refund of stolen funds-how
can enough ?

b) lost of interest for the 1 week or so ?

c) and so on ...

 

[Leongsam]

a) full refund of stolen funds-how
can enough ?

b) lost of interest for the 1 week or so ?

c) and so on ...

Loss of interest????? On a measly $1000 bucks for a few days????? You have to be kidding!!!

At 2% interest, you're talking about less than 50 freakin CENTS per account!!!

Class action for a total $10,000.00 wouldn't even cover fees for the first court appearance let alone a full hearing.

There must be something in the water in lalaland.

 

[Summer]

a) imagined we owe DBS Bank S$0.50 cents ?


Hmm , how about its failure to

provide sufficient safeguard for

its customers ' monied under

its care ?


somehow i think the bank must answer for it.


imagine ' A ' stole your car


and return it 5 days later to you.

you happy or not ?

 

[Leongsam]

a)
imagine ' A ' stole your car

and return it 5 days later to you.

you happy or not ?

Your analogy is off the planet. DBS didn't steal anything. They had something stolen from them.

Here's a better analogy. You're looking after your friend's car while he's in reservist. It gets stolen while it's in your care. Your friend sees his car being driven around and calls you up to ask what the hell is going on.

Being a good friend, you take responsibility and buy him a replacement. He now wants to SUE YOU for allowing it to be stolen in the first place even though you've made good.

 

[Summer]

one very ungrateful friend ...

 

[Leongsam]

one very ungrateful friend ...

You're one reason [out of 60.1%] why the PAP is still in power.

 

[Summer]

dont like that said.


i did not vote last year hor.


just thinking if the 400 accounts


come from a foreign Bank , say CitiBank,


public reaction will be different right?

 

[CandiceChan]

dont like that said.


i did not vote last year hor.


just thinking if the 400 accounts


come from a foreign Bank , say CitiBank,


public reaction will be different right?

Tone and style of writing changes like a Chameleon.

 

[Summer]

my doctors said it is

some kind of Tri-Polar Disorder

couple with some kind of 'Post - Something'

syndrome depression. :(

 

[Summer]

Your analogy is off the planet. DBS didn't steal anything. They had something stolen from them.

Here's a better analogy. You're looking after your friend's car while he's in reservist. It gets stolen while it's in your care. Your friend sees his car being driven around and calls you up to ask what the hell is going on.

Being a good friend, you take responsibility and buy him a replacement. He now wants to SUE YOU for allowing it to be stolen in the first place even though you've made good.

all i am taught from young

is that 'made good' must also

explained and investigation result

made public.


i worry when things are covered up :(

 

[Leongsam]

i worry when things are covered up :(

What has been covered up?

 

[Summer]

simple leh:


anything, ie "The Hard Truths", knowingly

concealed for whatever reasons = Cover-up , :(

 

[Leongsam]

simple leh:


anything, ie "The Hard Truths", knowingly

concealed for whatever reasons = Cover-up , :(

You're going round in circles. What exactly do you suspect has been covered up? Are you one of those who believe it was an "inside job"?

 

[Summer]

sorry , i just guessing only,


esp when it happened ( and timed)

so near to the CEO's ST interview...


one thing for sure.

we will never know the Hard Truth.

 

[Summer]

Yes. i think it is inside Job.


they want the CEO to Go

the way of SPH.


we will know soon .

 

[Fook Seng]

Yes. i think it is inside Job.

they want the CEO to Go

the way of SPH.

we will know soon .

Just heard over the radio today of an interview with an IT security expert. According to his information, the card skimming operation had been going on for 3 days from 2 ATM machines located in a very crowded area. These machines are checked daily. This means that the card skimmers, if any, are installed and decommissioned every day without being discovered. The question is why would the fraudsters choose such a difficult site with the risk of being detected or discovered several times unless they have some special advantage in using these machines. This consideration points to an inside job. Whether it is what Summer is trying to imply is another question.

 

[Leongsam]

The question is why would the fraudsters choose such a difficult site with the risk of being detected or discovered several times unless they have some special advantage in using these machines.

The main advantage of skimming from ATMs in high traffic areas is the large number of accounts that can be harvested because of the volumes.

The disadvantage would be the risk of detection.

I've never heard of "inside jobs" skimming ATM machines. Insiders usually go for life changing multi million dollar deals by falsifying accounts or creating bogus overdraft facilities.

 

[Fook Seng]

The main advantage of skimming from ATMs in high traffic areas is the large number of accounts that can be harvested because of the volumes.

The disadvantage would be the risk of detection.

I've never heard of "inside jobs" skimming ATM machines. Insiders usually go for life changing multi million dollar deals by falsifying accounts or creating bogus overdraft facilities.

I was just reporting on what this IT security expert surmised. The fraudsters could be outsiders with some insider help to make detector harder. White collar crimes involving multi-million dollar deals are a different league involving high level management staff. Lower level staff can only move small amount of money each time and unless they do it over a long time, the amount of the ifraud is not huge.

 

[Summer]

Your analogy is off the planet. DBS didn't steal anything. They had something stolen from them.

Here's a better analogy. You're looking after your friend's car while he's in reservist. It gets stolen while it's in your care. Your friend sees his car being driven around and calls you up to ask what the hell is going on.

Being a good friend, you take responsibility and buy him a replacement. He now wants to SUE YOU for allowing it to be stolen in the first place even though you've made good.

update

Understanding the legal nature of bank deposits: Forum
Straits Times


THE reports ('DBS/POSB customers hit by unauthorised ATM withdrawals', last Friday; 'ATM fraud 'contained', traced to two machines in Bugis area'; last Saturday) and the letter ('Give customers peace of mind' by Mrs Ong Chooi Peng; last Saturday) demonstrate a lack of understanding of the legal nature of bank deposits.

Last Friday's report began with the sentence: 'At least 200 DBS Bank and POSB customers have been hit by an ATM fraud that has seen some $200,000 stolen from their accounts.'

This is not correct. When someone deposits money with a bank, he is in effect lending money to it. Property rights to the money pass to the bank. In return, the bank owes its customer a debt. At that point, any money stolen or pilfered from the bank is its money, not its customer's.

The bank continues to owe its customer the same debt unless there are special contractual stipulations allowing it to transfer the loss to its customer. This usually takes the form of a contractual stipulation that customers are required to check their monthly bank statements and object to any unauthorised transactions within a stipulated time. It is only at this point (and assuming the clauses survive a challenge in court under the Unfair Contract Terms Act) that the loss is 'transferred' to the bank's customers.

If the news reports are accurate, it is not likely that sufficient time has passed for this point to have been reached, unless DBS' terms are particularly harsh. It is therefore also not technically accurate to speak of the bank 'reimbursing' its customers. All it has done is correct its accounts to accurately reflect the state of its indebtedness to its customers.

There should be cause for concern only if the fraud is so significant that DBS' solvency is in question, as customers are unsecured creditors, though this is clearly not the case. Customers are also protected to a limited extent by the bank deposit guarantee in the event of its insolvency.

Associate Professor Kelvin Low

Associate Dean (External Relations)

School of Law

Singapore Management University