A DBS bank teller blocks a $51K counterfeit cash deposit

Before two guys walked up to her desk, Loo Swee Hong, a bank teller at the DBS Plaza Singapura branch, was having a typical morning.

One of them slipped across three $10,000 bills and a $1,000 note and added, “Please deposit these into my corporate account.”

The $10,000 notes instantly raised Ms. Loo’s suspicions because they have not been in circulation since 2014. When her fingers contacted the paper, her worries grew. She noted the print was a little blurry, and the texture felt strange. Having worked as a teller for forty years, she knew something was wrong.

Although she had never been across possibly fake currency before, her training took over. While checking the notes, she was aware that she needed to keep the client in the bank.

She remained calm as she continued, “I will need some time to process and verify these notes.” Please sit down until we do the required checks.

Because of Ms. Loo’s diligence, the bank averted a $51,000 fraud attempt. A group of highly skilled front-line employees is one of the numerous levels of DBS’s all-encompassing defence against financial fraud.

Protecting the online banking experience from fraud.

Aside from staff awareness, DBS has given consumers digital tools to help them defend against fraud.

In 2024, more than 1.5 million DBS and POSB customers used various self-managed security features, three times the number in the previous year.

DigiVault is a feature that functions similarly to a virtual safe deposit box. Even if scammers manage to access a customer’s account, it enables users to lock money in their current accounts, prohibiting unauthorised digital transfers.

Customers can simply use their ATM or debit card to unlock their monies at more than 1,200 DBS and POSB ATMs located around Singapore. Additionally, they still receive interest on the money they have locked up. Customer adoption has increased gradually by 15% each month since its February launch last year.

The new Digital Card Fraud Dispute Tool was introduced that same year to make it easier for consumers to monitor and report unauthorised credit card transactions. Customers used to have to file a case by calling a hotline. Disputes can now be submitted using the DBS or POSB Digibank app with a single click. Additionally, the settlement process can be monitored in real-time, giving clients prompt updates during a delicate circumstance.

DBS also introduced the Security Checkup function on the Digibank app to assist users in closely monitoring the security of their bank accounts. Customers who use Security Checkup get frequent reminders to lessen the risk of fraudulent transactions; users who are not travelling, for instance, can turn off the feature for international purchases. Depending on their usual spending habits, they can also modify notifications and spending limitations.

An average of 10,000 consumers utilise the program each month to receive alerts for smaller purchases by lowering their transaction notification thresholds. Customers are able to identify questionable transactions and respond faster as a result. Making clients more aware of scams

The bank started a series that combines Getai fun with crucial digital literacy and anti-scam teaching in an attempt to reach more elderly.IMAGES: DBS

DBS is aware that fighting scams requires more than just technology. Over the last two years, the bank has conducted more than 680 workshops on digital literacy, assisting about 150,000 individuals in adopting digital learning.

In order to guarantee that everyone has access to digital tools, the goal is to close the technological gap among target categories, such as the elderly.

For instance, DBS launched a series that blends Getai fun with crucial digital literacy and anti-scam teaching to target seniors and the general public. More than 3,000 senior participants have benefited from the bank’s more than ten POSB Your Neighbourhood Getai anti-scam and digital literacy events, which have been held in different neighbourhoods thus far.

RM’ss crucial security tasks include checking daily transfer limits and updating personal information.

Customers have grown more concerned about the security of their bank accounts within the past 12 months. The use of DBS’s payment controls tool, which enables users to tailor banking security features to their requirements and spending patterns, has increased by 55%.

The bank also introduced its new Bank Safely Hub earlier this year, which includes resources to help the public stay informed about scammers, instructional materials, and crucial fraud warnings. This is part of its commitment to anti-scam education.

DBS’s efforts to combat financial crime are constantly evolving, ranging from advanced digital security features to the trained eye of a seasoned teller for identifying counterfeit notes.

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