DBS compensates $500,000 to clients after unauthorised withdrawals

Singapore’s DBS Group Holdings, whose customers were hit by unauthorised withdrawal of funds in Malaysia, is compensating about $500,000 to clients as it investigates the biggest such scam to hit the bank, reported Reuters.

The situation has been contained and it affected 400 customers, Sim Lim, DBS’s Singapore country head, told reporters.

DBS said on Thurday it was investigating complaints from customers of unauthorised withdrawal of funds in Malaysia, through the use of the bank’s debit and automated teller machine (ATM) cards.