18 October 2017

DBS shifts blame for hacking to consumer PCs

11 July 2002  |  9170 views  |  0 safe

Development Bank of Singapore is blaming inadequate controls at consumer PCs for the recent incident in which a Chinese computer hacker broke into 21 DBS Internet bank accounts and escaped with a S$62,000 cash haul.

DBS Bank, Singapore's largest with 370,000 Internet banking customers, discovered the fraud only after a customer complained about missing funds. By this time, the hacker had transferred the money to his own account, withdrew the cash at a local branch and fled to Malaysia.

DBS insists that its own Internet system was not breached during the incident. Instead, says the bank, the hacker attacked customer PCs to capture PINs and IDs which were then used to make fraudulent transfers.

The incident has sparked a review of the Singapore Monetary Authority's (MAS) guidelines for Internet banking, initially drawn up last year after a similar security breach at Overseas Union Bank.

In a written reply to Parliamentary questioning of the soundness of banking via the Internet, the MAS states: "The safety of online banking is dependent on the security systems of the bank and the precaution customers take to safeguard their User ID and PIN, as well as protecting the PCs they use. For example, customers should install firewall and anti-virus software on their PCs to block out hackers, and log off their computers when not in use."

The watchdog is calling for stiffer penalties for computer hackers and says it will conduct a review of risk management guidelines in consultation with the industry.

DBS has refunded the customers involved, but warns that it may not accept liability for any future attacks which target inadequately protected consumer PCs.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Hacker escapes with cash haul from DBS Bank online accounts - Reuters

Hacker escapes with cash haul from DBS Bank online accounts - Reuters

05 July 2002  |  8834 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.capgemini.com visit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15141 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8353 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7855 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7276 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6434 views comments | 8 tweets | 16 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job