Prestigious multinational financial institution DBS Bank and its depositors were under attack by fraudsters last December 2019. These creative scoundrels made phone calls to such clients using domestic contact numbers. DBS Bank headquarters is based in Singapore and was formerly known as Development Bank of Singapore Limited before it adopted its present name. The entity however also has other branches in Asia, the Middle East, the United States and the United Kingdom.

There are numerous phishing methods employed to dupe unwary individuals. This one was initiated through a programmed message. It stated, “Welcome to DBS distinguished customers. There was an exception found in your account. To verify your phone number please press 3”.

This was delivered in the English language though a Mandarin version was also available.

A client caught unaware would naturally dial 3. The call would then be transferred to an impersonator pretending to be a DBS customer service employee. Sensitive banking information known to the customer would then be phished through a series of questions. This would include details such as:

• Internet banking credentials
• One-time password (OTP) codes
• Digital tokens

Worse, the fake DBS staff might even request the unknowing depositor to transfer funds directly to the scammer’s account.

Do not be fooled by these fraudulent activities. DBS does not require its clients to provide any of the details mentioned above. Neither will it request that a particular type of software be downloaded. Immediately drop the call in the event you come across an actual or similar situation.

Note that this warning applies to everyone, not only to DBS Bank customers. Phishing methods are becoming more and more creative as different technologies are introduced. Offenders prey on those individuals who have yet to fully understand or update themselves on how these work. There are still of course some classic means employed which would exploit the weakness of the intended victim. Stay alert, remain calm and check if the entity you are transacting with is in fact the correct one.