DBS Group Holdings chief executive Piyush Gupta has apologised to customers for the inconvenience caused by the recent automated teller machine (ATM) scam.
In his first public comments on the incident which saw about 400 customers affected and $500,000 stolen from DBS and POSB bank accounts by fraudsters in Malaysia, Mr Gupta said the unauthorised ATM withdrawals were done through a card skimming scheme by a syndicate, that can happen to any bank.
He was speaking at the DBS private bank luncheon at Shangri-La Hotel on Wednesday. He said DBS will start offering SMS alerts for withdrawals from customer bank accounts above a certain threshold to enhance security for customers.
‘The world of hackers and crooks out there is getting smarter everyday,’ he said. ‘It is incumbent on us as your bank to stay ahead of them.’ Banks have to make it difficult for them to capture data and if data is stolen, for them to use the data, he added.
Encrypting card data on magnetic strip to prevent skimming
Isn’t it time to change the technology of card magnetic strip by encrypting it to prevent skimming by hackers as there are new technologies present that will ensure the smooth transision without much hardware costs by the implementation of software solutions. I make these recommendations as a former UOB employee in charge of Netrust and a specialist in credit card technologies. – Contributed by Oogle.
是不是它的时间来改变卡的磁条技术进行加密，以防止黑客的略读，有新的技术，目前，没有多少硬件成本的软件解决方案的实施将确保顺利transision。我提出这些建议，作为一个负责Netrust的前的大华银行雇员和信用卡技术专家。 – 提供者Oogle。