By CONRAD TAN
DBS Group will guarantee the financial safety of customers using its Internet banking service to encourage more people to bank online.
With its 'money safe' guarantee, DBS's online banking customers will be automatically protected when transacting online, with the bank reimbursing any losses in the unlikely event of unauthorised transactions on their online banking account, it said.
But customers will need to continue to do their part by keeping their log-in details and two-factor authentication tokens secure, to minimise the risk of unauthorized transactions, DBS added. Editor's Note: Read the fine print. If malware steals your log-in details are you liable? If so, this isn't much of a guarantee.
'We believe that Internet banking is becoming an increasingly important aspect of banking. Although the industry follows a set of high security standards, many still have concerns over transacting on the Internet. As the bank with the largest number of online users, we want to take the lead to give our customers greater peace of mind and assurance when they transact online with us,' said Rajan Raju, group executive of DBS's consumer banking group.
DBS said it has 1.35 million Internet banking customers in Singapore, giving it the largest market share at 35 per cent.
