[sgbuffett]

If all.money is stolen it may be costly to sue bank to get funds back.

I am requesting to use only security token for OTP and stop using SMS for transactions ....

Banks are not required to compensate you if it happens. They are only doing so this time out of "goodwill". If they refuse to compensate you can't do anything.

Also I find MAS statement disturbing to conclude that bank system is secure when the method of user  authentication  can be hijacked by fraudsters...doesn't this make it "unsecure"...yes the hacking occurred elsewhere but the bank is using an unsecured mechanism for authentication. So how can MAS conclude that the bank system is secure.

I feel they are making light of this whole thing. Imagine the distress if you wake up one day and all your money with the bank is gone....they should order a block of this ....

Given the unique circumstances of these cases, banks will provide a goodwill waiver to affected customers who had taken care to protect their credentials. 

https://www.mas.gov.sg/news/media-releas...d-payments