DBS to only send 'essential' SMEs to retail, wealth customers

The bank assured customers that it employs a multi-layered defence system against fraud.

DBS announced that it will only send “essential” short message services (SMSes) to its retail and wealth customers after the local regulator has tasked banks in Singapore to comply with a new set of measures intended to bolster the security of digital banking.

DBS said that the SMEes, as well as security and trade notifications and one-time password authentication, will have no clickable links–in compliance with the Monetary Authority of Singapore’s (MAS) new guidelines. 

MAS and the Association of Banks in Singapore issued new security measures in light of several SMS phishing scams targeting banking customers. 

“The recent phishing scams call for urgent action to protect our customers against malicious activity and we are therefore implementing additional measures to guard them [against] online fraud,” DBS said in a press statement, adding that the more stringent measures are necessary as criminals are becoming more sophisticated and aggressive in targeting unsuspecting customers.

“Whilst these actions could introduce friction in day-to-day transactions, we seek our customers’ understanding as we double down our efforts to disrupt the activities of the fraudsters,” DBS said.

DBS also assured that it employs a multi-layered defence against fraud, such as multi-factor authentication for online transactions, a dedicated anti-scam team, and employing artificial intelligence and machine learning in its monitoring and surveillance systems.

The bank added that once a customer has informed them of having fallen to a scam, they will immediately prevent further fund outflows and coordinate with the Singapore Police Force to attempt to recover the lost funds.