DBS says compensates $500,000 after unauthorised withdrawals

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 S. Lim, DBS's Singapore country head, told reporters.

The bank had said it immediately de-activated the compromised cards and was taking steps to compensate customers in full.

Lim said preliminary investigation suggests that selected ATMs at Bugis Street had been compromised.