Earlier this month around SGD500,000 was withdrawn from 400 DBS accounts at ATMs in Malaysia. The bank subsequently found two cash machines that appeared to have been compromised and police have arrested two people over the fraud.

DBS has moved to calm customer fears with a number of new measures, including SMS alerts for overseas ATM withdrawals as well as texts for "selective domestic cash withdrawals".

In addition, cardholders who have not used their cards outside Singapore since 1 July 2011, will have to get in touch with the bank to make ATM withdrawals overseas.