Long queue at POSB and DBS ATM, not to withdraw money but to check its account. POSB and DBS Customers have been checking their bank accounts following reports of unauthorised withdrawals of about a Million Singapore Dollars affecting about 700 customers. The bank confirmed that was some fraudulent transactions made in Malaysia.
Investigation by DBS Bank shows that the unauthorised withdrawals were part of a card skimming operation. The fraudsters have swipe bank information from DBS/ POSB customers by attaching a skimming device on the ATM and possibly then capture the PIN via a device like a remote camera zoomed in from a nearby location. Later removing the skimming devices was attached to automated teller machines (ATMs). Shortly after they could have cloned customers’ bank card by combining these two sets of information.
Photo Credit: Flickr.
Off-Site Link: How A Skimming May Have Looked Like.