Man Couldn’t Check His Bank Account Due to Circuit Breaker & Didn’t Know a Fraudulent Transaction Has Taken Place

Imagine a scenario wherein you were unable to check your printed bank statement for a prolonged period of time, and when you do check it you realise that you’ve lost $4000+ to a fraudulent transaction.

And no that’s not even the worst part.

Instead, it’s the fact that you can’t get it back.

Now, the aforementioned situation may sound ludicrous and right out of a B-grade movie, but apparently…

That’s allegedly what happened to this man, who lost the amount amidst the Circuit Breaker period and has still been unable to claim it back.

Man Couldn’t Check His Bank Account Due to Circuit Breaker & Didn’t Know a Fraudulent Transaction Has Taken Place

On 24 September 2020, Facebook user Yanfeng Lee entailed a Facebook post whose content would traumatise any existing DBS account holder.

According to the post, a fraudulent transaction was made on Lee’s corporate credit card in April, during the middle of the Covid crisis.

Listed under “Apple Online Store”, the transaction caused a whopping $4,000+ to be deducted from his account.

Apparently, no SMS notification or OTP (one-time password) was issued.

Escalating Issue

Due to the Circuit Breaker period, Lee did not return to his office, and as such was unable to check his printed bank statement.

When he eventually found out, he called DBS to clarify the matter, only to get referred to Apple.

After calling Apple, a number of managers ran through the process before it was revealed that Apple did not actually have Lee’s credit card on file.

The scammers were using “Apple Online Store” as a cover-up; no Apple-related transaction was actually made.

At this point, Lee dialled DBS again to follow-up but was told that they were unable to help as the duration has crossed 60 days.

Unwilling to give up, he raised the issue through a few Customer service people, but was allegedly told again and again that there was “nothing that could be done”.

Finally, on 24 September, Lee took one last chance. In what was allegedly his last call to the bank, he asked the bank manager whether they failed to secure his money.

In response, they stated that there are security measures in place and that they are unable to control merchant OTP measures.

And that, it seems, was the end of the line for Lee’s trust in the bank.

“How is it secure if they will allow fraudsters to take money from my account without OTP or notification?” he asked.

“Thank you very much. I will move my business elsewhere and encourage you to do so too. This is bad business and you are a bad bank.”

You can read the full post here.

The Real Shocker

To date, the post has garnered over 200 likes & reactions, as well as 226 comments and 214 shares.

Netizens have also conveyed their worries over the bank’s security measures.

With some advising Lee to take it to the cops.

But what’s truly shocking might be the notion that Lee’s case is far from being the first.

Or tenth.

Or even twentieth.

According to the comments section, a shocking number of Netizens have actually had their bank accounts fall prey to such a situation.

And though some managed to get their money back…

It appears that they were the lucky few to have recovered from the situation.

As such, this has naturally given rise to speculations…

But here’s the thing.

It may not just be DBS either.

Which is, in hindsight…

A really worrying notion in more ways than one.

Stay Safe

In the end, banks attend to hundreds of thousands of customers. So realistically speaking, it’s nigh impossible for them to maintain a perfect track record.

As such, one would have to help by taking the necessary precautionary measures. Cultivate a habit of checking your online balance regularly, and practice using credit cards instead of debit if you’re vulnerable to fraud. Should there be anything amiss, make sure to take it up to the relevant authorities as soon as possible.

Scams may be prevalent, but if we are vigilant…

They will not succeed in the long run.

So stay safe…

And let’s tide through this crisis, in more ways than one.

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