DBS Bank Singapore Reports Payment Processing Fault

DBS Bank Singapore reported on June 18, Friday that some of its credit and debit cards experienced an error in their payment processing, which resulted in transactions being duplicated.

At around 11:20 in the morning, the bank posted on social media about the glitch, informing impacted clients that refunds will be given to any duplicated transactions. DBS sent an update at 7:50 in the evening, stating that the problem has been fixed.

A post on DBS’s Facebook page stated that by the weekend, the ongoing automated refund procedure will be finished. The bank assured its clients that they still have secured, safe, and uncompromised systems. They apologized for any concern or trouble the incident has created.

DBS Bank Singapore Payment Processing Fault

DBS alerted the Monetary Authority of Singapore (MAS) of a technical problem in its payment processing system.

Some clients were unable to use the DBS and POSB mobile applications, while others cannot contact the bank’s customer support hotline.

Many clients commented on the Facebook page of DBS that they had received duplicate transactions. They said that the payments resulted in their bank account having a negative balance.

On Friday morning, a client who is an administrative professional claimed she discovered the duplicate transaction problem after receiving a message from a friend telling her to check her bank account.

She stated that there was barely $10 left in her POSB account. She claimed that most payments to businesses since June 14 were the duplicated transactions.

DBS has been tasked with conducting a comprehensive investigation and reporting to MAS. A MAS representative stated that if the bank fails to meet MAS’ requirements, supervisory action would be taken.

Moreover, according to MAS, all financial institutions are expected to implement necessary measures. They have to ensure the IT systems’ dependability and the financial services’ efficiency to their clients.