DBS Bank: “Safest Bank in Asia 2009, 2010 and 2011”?

"Safest Bank in Asia"? Really DBS? Limpeh WONG you ah, don't make me send Bolok Town Aaron Tan look for you!

DBS Bank is the “Safest Bank in Asia 2009, 2010 and 2011”?

Really?

How come I read so many instances of banking frauds like THIS, THIS and THIS the past few days?

DBS/ POSB Withdrawal Fraud - picture via Amanda Goh's Facebook

So much so that there’s even a Breaking News on StraitsTimes.com titled “DBS investigates unauthorised withdrawals from DBS/POSB accounts”:

About $200,000 of unauthorised withdrawals have been made from DBS and POSB accounts, as DBS investigates what could be its largest case of fraud to date.

The bank said at 8pm that 200 customers have reported unauthorised withdrawals made from their ATM or debit cards, with the average amount withdrawn at about $1000 per account.

The bank is combing through all transactions made in Malaysia to validate them, and said that all customers would be fully compensated within 24 hours for any false transactions.

Some customers informed the bank of unauthorised withdrawals made in Malaysia through their DBS/POSB ATM/debit cards. Their compromised cards were immediately deactivated and we are now taking steps to compensate these customers in full,’ said Mr Jeremy Soo, managing director and head of consumer banking group Singapore at DBS Bank, in a statement issued by the bank.

BACKGROUND STORY

Bank account holders may wish to check their bank account and if they believe unauthorised withdrawals have been made, are advised to lodge a police report via the electronic police centre at http://www/spf/gov/epc/ or at any neighbourhood police centre.

The report should include the date, amount, location and transaction description for each unauthorised withdrawal. Bank account holders should also report the matter to the bank.

Everyone, please go check your POSB and DBS accounts for any unauthorised transactions over the past few days. In particular, inform your elderly friends and relatives or others who may not be so well-informed on the latest news to check their accounts as well.

Quoteworthy – Grace Fu Hai Yien

Grace Fu (image via http://www.yuhuasmc.sg)

Following the announcement of the recommendations on Ministerial pay cut by the Ministerial Salaries Review Committee, this is what our Senior Minister of State, Ministry of Information, Communications and the Arts & Ministry of the Environment and Water Resources, Grace Fu Hai Yien has to say on her Facebook page:

When I made the decision to join politics in 2006, pay was not a key factor. Loss of privacy, public scrutiny on myself and my family and loss of personal time were. The disruption to my career was also an important consideration. I had some ground to believe that my family would not suffer a drastic change in the standard of living even though I experienced a drop in my income. So it is with this recent pay cut. If the balance is tilted further in the future, it will make it harder for any one considering political office.

It sets me thinking. A top international lawyer like Chen Show Mao definitely took a very drastic pay cut when he entered into Singapore politics the hard way via the opposition ticket (no GRC to ride on the coat tail of an established Minister; risk of defamation and other occupational hazards faced by local opposition politicians).

I don’t recall any whining from Chen Show Mao on his “low” (in the context of our Ministers’ pay) MP allowance.

Entering politics should be about serving the greater good. Passion, not money, should be the main impetus.

PAP still needs sterling candidates to win back Aljunied GRC from the Workers’ Party at the next General Election. Perhaps Grace Fu should volunteer her service. It is a win-win situation for her. Even if she loses, she can follow in the footsteps of George Yeo and Lim Hwee Hua to join the private sector and draw higher salaries than her current Ministerial salary.