DBS Group: About 200 Customers So Far Reported Unauthorized Cash Withdrawals Averaging S$1,000 Each

05 Jan 2012  DBS Group: About 200 Customers So Far Reported Unauthorized Cash Withdrawals Averaging S$1,000 Each

--DBS Group says about 200 customers so far reported unauthorized fund withdrawals in Malaysia --Withdrawals made on ATM and debit card accounts, averaging about S$1,000 each --Bank is investigating matter, will fully compensate affected customers (Adds details.) SINGAPORE --DBS Group Holdings Ltd. (D05.SG), Southeast Asia's largest bank by assets, on Thursday said about 200 customers so far have reported unauthorized fund withdrawals in Malaysia and that it is verifying recent transactions made there. The withdrawals average about S$1,000 each and were made from automated teller machine and debit card accounts of customers banking with DBS and its POSB consumer brand, the Singapore-based lender said in a statement. DBS said it is investigating the matter and has started to "proactively contact all customers whose account transaction history indicates that there has been an ATM transaction made in Malaysia, over the past few days, to double check and confirm that indeed such an ATM transaction was made." The bank would fully compensate customers affected by "fraudulent" transactions within 24 hours, it said, adding that the affected cards have been deactivated. -