Scam-related crimes have steadily increased in Singapore in recent years. According to the Singapore Police Force, victims of fraud lost more than S$650 million in 2024 alone.
OCBC clients were the victims of a high-profile phishing scam, which prompted banks all around the island to intensify their anti-fraud measures. DBS Bank has become the undisputed leader among them.
If you have ever wondered why DBS is leading the fight against fraud in Singapore, examine the proactive, technologically advanced, and customer-focused measures they have implemented.
AI-Powered Real-Time Scam Detection
You are engaging with one of Southeast Asia’s most sophisticated fraud detection systems when you utilize DBS’ mobile banking services. DBS has made significant investments in artificial intelligence to instantly spot questionable activity.
The bank’s AI-powered security technology, for instance, tracks billions of transactions and immediately flags irregularities. The system may instantly alert you and halt the transaction if you attempt to transfer a sizable amount to an unidentified foreign account out of the blue.
In 2023, DBS was able to stop more over S$180 million worth of fraudulent transactions thanks to this real-time capacity. DBS is using AI to prevent scams rather than merely responding to them.
Integration of ScamShield and Cooperation with Law Enforcement
ScamShield, a government-backed program that blocks scam calls and messages, may be familiar to you. The only significant local bank actively incorporating ScamShield information into its fraud monitoring systems is DBS.
In order to exchange information and keep ahead of fraud tendencies, it also collaborates closely with the police and Singapore’s Cyber Security Agency (CSA).
This partnership was crucial to the dismantling of a phishing ring in late 2023 that used phony SMS messages purporting to be from DBS to trick victims. By quickly coordinating with law authorities, the bank prevented hundreds of account holders from suffering financial losses and resulted in the arrest of offenders.
Education and Empowerment of Customers
When you receive SMS purporting to be from your bank, you most likely become suspicious. DBS is aware of this, which is why they have started extensive public education programs to increase knowledge of typical fraud techniques. DBS ensures you know what to look out for with bite-sized videos on Instagram and interactive quizzes on their app.
Additionally, they unveiled the “Protect Your Account” promise, which exhorts users to safeguard their devices, refrain from exchanging OTPs, and look into questionable activity. Not only are you alerted, but you are also prepared.
Payment Controls and Digital Locks
Using the DBS digibank app, you can now choose to temporarily lock your cards or accounts. When you misplace your phone or suspect unwanted access, these features are quite useful. Additionally, the app allows you to receive real-time push notifications for each transaction and establish daily transaction limits.
Although these features may appear to be minor conveniences, they drastically shorten the time frame that scammers have to operate. They are returning control to you, which is another reason why DBS is leading the fight against fraud in Singapore.
Quick Reaction and Human Assistance
A pensioner lost S$30,000 in 2023 after inadvertently clicking on a fraudulent link. Within minutes of her contacting DBS’ fraud hotline, the bank froze her account and began the recovery procedure. DBS has repeatedly demonstrated that prompt, human action makes a difference, even though not all stolen monies can be recovered.
To assist you with the recovery process, the bank provides a specialized fraud management staff and a 24/7 fraud hotline. In times of disaster, this potent blend of professionalism, sensitivity, and quickness helps rebuild trust.
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