Interesting to note that multiple reports of such fraudulent cases of unauthorised banking transaction actually surfaced in EDMW more than 24 hours before DBS and the mainsteam media released any information pertaining to the "large scale bank fraud" in progress.
Interesting to note that multiple reports of such fraudulent cases of unauthorised banking transactions actually surfaced in EDMW more than 24 hours before DBS and the mainsteam media released any information to the "large scale bank fraud" in progress.
This happened in Malaysia few years back.. The countermeasure taken by banks was to introduce ATM cards & ATM machines that read the smart-chip instead of the magnetic strip, all ATM cards in Malaysia were replaced with cards with the smart-chip. I guess banks in Singapore would need to take similar measures to prevent such cases.
However, in Singapore, there is an additional risk also when people use NETS to make purchases too. As the ATM card needs to be swiped & pin needs to be entered. Please be cautious + aware when doing NETS transactions too and make sure that the cashier does not swipe your card on any other device to read off the magnetic strip. Usually the cashier would only need to swipe on the NETS machine and probably their point-of-sales system (cash register).
Best is to cover the numeric keypad when entering pin because the info from the magnetic strip is useless without knowing the pin.
The thing to do now is to change your ATM pin number ASAP and it should prevent un-authorized usage of your existing (old) pin.