Surge in SMS phishing scams hits DBS customers, resulting in $446,000 in losses

Digital Reinvention
15/01/2024News

In a recent report by Channel NewsAsia, it has been revealed that at least 219 DBS customers have fallen victim to a surge in SMS phishing scams within the first two weeks of this year, resulting in a total loss of approximately S$446,000 (US$335,000). The alarming increase prompted a joint news release from the police and DBS, attributing the rise to a surge in cases of SMS phishing scams since December of the previous year.

According to Channel NewsAsia, these scams involve fraudsters impersonating banks or bank staff, targeting victims with unsolicited SMS messages bearing short codes, overseas numbers, or local numbers. The messages claim to represent DBS or POSB bank, warning recipients of possible unauthorized attempts to access their bank accounts. The unsuspecting victims are then urged to click on embedded links to verify their identities and stop the alleged transactions.

In response to Channel NewsAsia's inquiries, a DBS spokesperson stated that the bank would assess victims' circumstances and offer goodwill payouts on a case-by-case basis. Beyond financial assistance, DBS also partners with counseling centers to provide emotional support for victims.

The joint statement from the police and DBS, as reported by Channel NewsAsia, emphasized that banks would never send clickable links via SMS. Since early 2022, banks have removed clickable links in emails or SMS messages to retail customers, implementing various safeguards to combat phishing scams.

Channel NewsAsia advises the public to install the ScamShield App, enable two-factor authentication for bank accounts and e-wallets, and set up transaction limits. Importantly, DBS employees will never ask for internet banking credentials or OTPs, as reported by Channel NewsAsia. Customers suspecting they may have fallen prey to scams are encouraged to call DBS' fraud hotline at 1800 339 6963 or activate the Safety Switch on DBS' automated phone system to temporarily block access to their funds.

Channel NewsAsia reports that the DBS spokesperson reiterated that the bank would assist affected customers with necessary follow-up actions, including card replacements and lodging fraud reports. To stay informed about the latest scam trends and advisories, DBS recommends regularly checking its website, as highlighted by Channel NewsAsia, which also features collaborative efforts with government bodies to create educational anti-scam content.

As SMS phishing scams continue to evolve, DBS and the police, as reported by Channel NewsAsia, are committed to raising public awareness, enhancing security measures, and providing support for victims in their ongoing efforts to combat financial fraud.

Related news & insights

07/05/2025Article

How UOB is future-proofing its workforce – One career at a time

From AI training to retirement prep, United Overseas Bank (UOB) is making bold investments in its people. The Singapore-based bank...

Digital Reinvention
06/05/2025Interview

Further Insights: The shift from branches to bots in Turkish banking

Meral Ahu Karageyim, senior researcher at Bogazici University Center for Applied Research in Finance (CARF), in collaboration with her co-author...

Digital Reinvention
06/05/2025News

Revolut just took aim at telcos — and this could redefine the fintech playbook

With unlimited domestic calls, texts, and data, plus a 20GB roaming allowance across Europe and the U.S., this move could...

05/05/2025Interview

At work with Vlastimir Vuković

Vlastimir Vuković, Chief Executive Officer and President of the Executive Board at NLB Komercijalna banka, shares with Boris Plantier of...

Digital Reinvention
05/05/2025News

Commerzbank’s AI avatar “Ava” redefines customer engagement

Ava isn’t just another chatbot — she’s a human-modeled, conversational assistant designed to provide instant, 24/7 support, blending the convenience...

Digital Reinvention
05/05/2025News

NatWest introduces family-backed mortgage to boost first-time buyer affordability

Family-backed lending meets strategic affordability shifts in a move that could rattle competitors.

Digital Reinvention
03/05/2025News

ANZ goes password-free: The first Aussie bank to kill logins as you know them

Australia’s first password-less web banking platform promises easier logins and tougher fraud protection.

Digital Reinvention
01/05/2025Article

Financial Innovation Spotlight – April 2025 edition

Here are five standout projects that grabbed our attention, from AXA in France, Maybank in Malaysia, Westpac in Australia, Assurant...