DBS

DBS: Fraudsters have stolen at least $200,000 from the accounts of DBS and POSB customers. By 8pm yday, ~ 200 customers had reported unauthorised withdrawals in Msia from their ATM and debit card accounts. The average amount lost was ~ $1,000 per account. The fraudsters were thought to have managed to steal the customers' personal identification numbers, or PINs, as well as their card details.
DBS's Internet banking service was swamped by customers trying to check their accounts and some frustrated customers found that they were unable to access their accounts online.


The Commercial Affairs Department, the white-collar crime unit of the police, has launched its own investigation of what appears to be a sophisticated, cross-border fraud targeting DBS Group's customers.
The bank is investigating how its customers' money was stolen and will compensate them within 24 hours. DBS urged customers who think that their ATM or debit cards may have been compromised to contact the bank immediately at 1800-220-1111 or visit any DBS or POSB branch.

Expect some negative stock sentiment, though the reported stolen value of $200k is actually negligible vs DBS’ 3Q net profit of $762m.