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Starting from Jan. 21, Friday, DBS Bank will send only essential SMSes to its retail and wealth customers until further notice.

These include security and trade notifications, and OTP authentication SMSes which will have no clickable links.

The bank will stop sending 'non-essential' SMSes, the media note added.

The bank also voiced its support for the new set of measures announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to improve the digital security of banking.

DBS said:

"Our customers’ safety when banking online remains our top priority. The recent phishing scams call for urgent action to protect our customers against malicious activity and we are therefore implementing additional measures to guard them from online fraud. The more stringent measures are necessary as these criminals are becoming more sophisticated and aggressive in targeting unsuspecting customers. While these actions could introduce friction in day-to-day transactions, we seek our customers’ understanding as we double down our efforts to disrupt the activities of the fraudsters."

What are the other steps that DBS has currently taken?

DBS also listed out other steps that it has currently taken to protect customers' information and money whenever they bank online.

These include:

• Employing multi-factor authentication whenever customers perform online transactions;
• An anti-scam team with round-the-clock response capabilities to carry out intervention work, monitor and review fraud alerts;

  • This includes stationing a full-time employee at the SPF’s anti-scam centre to ensure timely freezing of any accounts.

• Carrying out transaction screening with monitoring and surveillance systems, to help detect unauthorised activities on customer accounts.

  • The bank added that it uses AI and machine learning that to, for instance, detect distinct changes in user behavioural patterns, cross-reference unusual account changes, as well as instantly screen and block flagged transfers.

DBS said:

"Once a customer has informed DBS that he/she has fallen to a scam, the bank will immediately prevent further fund outflows and work with the Singapore Police Force (SPF) to attempt to recover the lost funds."

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Top image via DBS Facebook