Singapore: Banks to Boost ATM Security
Esther Teo - Straits Times Indonesia | January 16, 2012
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In the wake of Singapore's largest ATM fraud case, uncovered at DBS Bank last week, other banks have revealed new initiatives to safeguard ATM security.
OCBC Bank said it is implementing an option to allow customers to switch on or off ATM withdrawals overseas in its efforts to adopt measures to enhance the security of such transactions.
Pranav Seth, head of e-business at OCBC, said: "These measures (also) include sending out SMS alerts for both local and foreign ATM transactions, which will be implemented taking into account several criteria including customers' behavior, withdrawal patterns and overseas travel frequency."
OCBC has installed anti-skimming features on all its ATMs since July 2007. These features are always switched on and never switched off, and are also regularly checked, it said.
Citibank is enhancing its Citi Alerts service to include transaction alerts for ATM withdrawals to give customers additional security and peace of mind. Citi Alerts is a free service which allows customers to receive instant SMS or e-mail alerts when transactions or other activity occur on their credit cards or banking accounts, including cheque, Giro and online payment transactions.
Anil Wadhwani, chief executive of Citibank Singapore, said that customers can decide on the minimum withdrawal threshold for receiving alerts.
They will also be able to get their account balances and information about the last four transactions on their banking and card accounts via SMS on demand, at any time.
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