[Bigiron]

Couple have 'no savings left' for car loan, maid's salary, pets and kids after losing $45k in scam

http://tinyurl.com/y5cthrna

[Ola]

"We don't understand why such a large sum of money can be transferred without our authorisation. If we accept this reimbursement from the bank, it will be equivalent to admitting that I was the one who made a mistake," said Mr Singh.

-----------------------------

Only in Singapore, Banks are not sued for losing our money

And Shoot Blank Queen is never sacked from her job

[Alice Alicia]

Poor thing.

[Oyk]

In edmw, boomere were mocked mercilessly for being backward, old fashioned, ignorant and STUBBORN plus UNTEACHABLE.

And here is a case of a man who was scammed who's only 35.

Really, he who laughs last laughs best.

[sgbuffett]

"We don't understand why such a large sum of money can be transferred without our authorisation. If we accept this reimbursement from the bank, it will be equivalent to admitting that I was the one who made a mistake," said Mr Singh.

-----------------------------

Only in Singapore, Banks are not sued for losing our money

And Shoot Blank Queen is never sacked from her job

Money was stolen from the bank due to poor security of their systems that expects customers to be cyber trained. 

I took all my mom bank account off line ....

[Oyk]

Couple have 'no savings left' for car loan, maid's salary, pets and kids after losing $45k in scam

http://tinyurl.com/y5cthrna

He has all the trapping of affluence, but only reserves of $45K?

Car, maid, pets?

Wow oh wow!

It's spending beyond your means man.

[Oyk]

Money was stolen from the bank due to poor security of their systems that expects customers to be cyber trained. 

I took all the inheritance from my mother which I have been waiting for so freaking long off line ....

Corrected the second sentence for you...

[sgbuffett]

Mr Singh was given a link to an invoice which he was supposed to show to the person picking up the sofa from his home. He was then told to check his banking app if he had received the payment for the transaction.

"I should've realised that the scammer was already controlling my phone remotely," he lamented, adding that the realisation hit him only later that evening, when he received another phonecall to tell him inform him of the pick-up.

Mr Singh said the scammers opened a new DBS multiplier account under his name and moved the money from his personal savings as well as his joint savings with his wife to the new account. They did this in three transactions, siphoning a total of $45,000 within minutes

[sgbuffett]

Mr Singh was given a link to an invoice which he was supposed to show to the person picking up the sofa from his home. He was then told to check his banking app if he had received the payment for the transaction.

"I should've realised that the scammer was already controlling my phone remotely," he lamented, adding that the realisation hit him only later that evening, when he received another phonecall to tell him inform him of the pick-up.

Mr Singh said the scammers opened a new DBS multiplier account under his name and moved the money from his personal savings as well as his joint savings with his wife to the new account. They did this in three transactions, siphoning a total of $45,000 within minutes

The whole online banking app security is flawed

1. Scammer van just open new account using customers name.

2. Transfers can be made without authorisation. 

The bank should compensate and apologise into the customer for poorly designed insecure system.

The authorities have done nothing after so many cases of Sjngaporeans suffering losses ...they are quite lousy.

[sgbuffett]

Singapore banks will NEVER address the issue so lkng as the govt allow them to blame the customers for such online fraud.

After UK hold the banks responsible tmsuxh scams dropped to almost zero.

Why can't singapore do the same to protect the people?

[Oyk]

Singapore banks will NEVER address the issue so lkng as the govt allow them to blame the customers for such online fraud.

After UK hold the banks responsible tmsuxh scams dropped to almost zero.

Why can't singapore do the same to protect the people?

Banks are not charities.  They, like any other for-profit company, are for-profit originations.

One day, all these will become a reality (one has already been...):

1.  Cheques are chargeable
2.  ATM cash withdrawals are chargeable
3. Using Paynow, Paylah are chargeable
4.  Paywave chargeable
5. No interest is payable for savings with the bank, rather you are charged for keeping your money with them.

The last one will be how banks make you, the "customer", pay for the enhanced and very expensive IT services. Very expensive because IT workers are overpaid.

[Oyk]

The whole online banking app security is flawed

1. Scammer van just open new account using customers name.

2. Transfers can be made without authorisation. 

The bank should compensate and apologise into the customer for poorly designed insecure system.

The authorities have done nothing after so many cases of Sjngaporeans suffering losses ...they are quite lousy.

Go and ask your Lim Tean to make another beedio. 

[winbig]

Banks are not charities.  They, like any other for-profit company, are for-profit originations.

One day, all these will become a reality (some has already been...):

1.  Cheques are chargeable
2.  ATM cash withdrawals are chargeable
3. Using Paynow, Paylah are chargeable
4.  Paywave chargeable
5. No interest is payable for savings with the bank, rather you are charged for keeping your money with them.

The last one will be how banks make you, the "customer", pay for the enhanced and very expensive IT services. Very expensive because IT workers are overpaid.

1. Cheque will become obsolete. With all the online transactions going on cheque is actually redundant already. 

2. There's really no reason to charge for ATM cash withdrawal. With more online payments, I predict the number of ATM machines may be reduced significantly also. 

3. Paynow, Paylah are already chargeable. Same for NETS and all credit cards. All the charges are included in the selling price so u don't see extra charges and u thought they are free. 

5. For that to happen, the interests rates have to become -ve?

[limpeh394]

$45K saving dare to own a car and employ maid.
I know ppl having $ million cash asset take bus and stayed 3 rooms

[sclim]

set trap to catch these scammers.

their danger to common people increasing.

[Lukongsimi]

Want to give money first without looking at his sofa it’s already mysterious
A lesson learnt.

[babygirl]

Want to give money first without looking at his sofa it’s already mysterious
A lesson learnt.

[Wy:Nox]

Singapore banks will NEVER address the issue so lkng as the govt allow them to blame the customers for such online fraud.

After UK hold the banks responsible tmsuxh scams dropped to almost zero.

Why can't singapore do the same to protect the people?

3rd Class Govt leading a country so we end up with 3rd World System, too.

[Oyk]

1. Cheque will become obsolete. With all the online transactions going on cheque is actually redundant already. 

2. There's really no reason to charge for ATM cash withdrawal. With more online payments, I predict the number of ATM machines may be reduced significantly also. 

3. Paynow, Paylah are already chargeable. Same for NETS and all credit cards. All the charges are included in the selling price so u don't see extra charges and u thought they are free. 

5. For that to happen, the interests rates have to become -ve?

5. You can call it negative interest or a bank charge, it's the same thing by whatever term it's being called.

The point is that either we spend money and time to learn cyber defence and then apply it to protect ourselves from scams, or we sit back as Sgbuffet seemed to be expecting and let the banks do it... but we will have to pay for it.

It's the same logic as what you wrote about Paynow and Paylah. The merchant is being charged for it and he passes the cost to his customers by raising his selling price. If banks have to enhance their cyber security, who pays? The great grandson of Tan Chin Tuan? No man. Sgbuffett will have to pay lor.

[ArielCasper]

Don't quite get it. Scammer open a new account under victim name and moved the money there.

But like that the money is still under victim name right?

[Lukongsimi]

Don't quite get it. Scammer open a new account under victim name and moved the money there.

But like that the money is still under victim name right?

After that transfer to their own bank account

[RiseofAsia]

Mr Singh was given a link to an invoice which he was supposed to show to the person picking up the sofa from his home. He was then told to check his banking app if he had received the payment for the transaction.

"I should've realised that the scammer was already controlling my phone remotely," he lamented, adding that the realisation hit him only later that evening, when he received another phonecall to tell him inform him of the pick-up.

Mr Singh said the scammers opened a new DBS multiplier account under his name and moved the money from his personal savings as well as his joint savings with his wife to the new account. They did this in three transactions, siphoning a total of $45,000 within minutes

Till now you still expect others to ensure your safety.
I already said many times. Safety is your own personal responsibility. You push the fault to bank is also not fair to bank.
Bank now also having big headache to tackle the issue. It is very easy to point finger on someone’s problem.
If you are not happy with bank. Withdraw all the $$$ out as what you have done for your mom. Buy a safe and put the $$$ at home.
孤掌难鸣。

The current best solution is to use 2 phones.

1 phone purely for bank app, the other phone is for your social media or messaging.

[OutBreak]

He sideload apk?

[Lukongsimi]

Only solution is don’t keep too much $ in saving accounts
Nor greed on things which is impossible.

[ArielCasper]

After that transfer to their own bank account

But like that directly transfer to their own account can liao. Why have that extra step?

[Lukongsimi]

But like that directly transfer to their own account can liao. Why have that extra step?

To prevent being recorded in history ?

[ArielCasper]

How to? Unless the account is not under the victim name. That why either the reporter is wrong or some facts is left out from the report.

[Observer]

He has all the trapping of affluence, but only reserves of $45K?

Car, maid, pets?

Wow oh wow!

It's spending beyond your means man.

Don't spend beyond your means have a dog for companion