Hackers breach DBS and Bank of China printing partner, raising concerns over banking security

In a recent incident, hackers breached a printing partner of DBS and the Bank of China, potentially compromising the security of millions of customers’ bank details.

How it happened:

The cyberattack occurred at Infoprinting Group, a company that produces and delivers bank statements, deposit books, and other financial documents on behalf of DBS and the Bank of China. Hackers accessed sensitive data, including account numbers, names, and addresses of unspecified "large numbers" of customers.

Risk to customers:

The exact number of affected customers is not yet known, but the breach is considered a serious concern due to the sensitive nature of the data compromised. Cybersecurity experts warn that this type of data breach can be used for various forms of identity theft and financial skimming.

Action taken:

DBS has confirmed that no customer information was compromised, but the Bank of China has taken steps to safeguard its customers’ information. Infoprinting Group has also been ordered to rectify the breach and provide additional security measures.

What to do if you’re affected:

Although DBS and the Bank of China have not revealed the exact number of affected customers, customers of both banks are advised to:

1. Monitor their accounts closely for any suspicious activity.
2. Keep their email and regular mailboxes secure, as hackers may use this as a means to send phishing emails or send unauthorized documents to customers.

Precautions to take:

To minimize the risk of ID theft and financial skimming:

• Regularly check bank statements and credit reports for any suspicious activities.
• Use strong, complex passwords and keep them confidential.
• Enable two-factor authentication for online banking services.
• Avoid using public Wi-Fi for online banking.
• Keep software and operating systems up to date.

Additional measures:

Regulatory agencies and financial institutions are collaborating to strengthen security measures and protect customer information from similar breaches in the future.

DBS and the Bank of China will continue to investigate the incident and communicate with affected customers. Additional information will be released as more details become available.

DBS Bank and Bank of China have been impacted by a data breach involving a third-party vendor. The breach, which was reported on August 24, 2022, is believed to have occurred in June 2022 and compromised the personal and financial information of thousands of customers.

According to reports, the vendors, who are not named, inappropriately accessed and extracted customer data from both banks’ systems. The stolen data includes names, dates of birth, addresses, phone numbers, and identification card numbers. In the case of DBS Bank, the exposed data also includes account balances and transaction history.

DBS Bank and Bank of China claim that the breach was a targeted and isolated incident, and that the vendors’ access was limited to the compromised customer data. The banks have stated that their own systems were not compromised, and that there is no evidence to suggest that the stolen data has been used for fraudulent purposes.

Both banks have taken immediate action to contain the breach and have notified affected customers. DBS Bank has offered complimentary identity theft protection services to affected customers, while Bank of China has stated that it will provide assistance to customers who may be impacted by the breach.

The incident is a stark reminder of the importance of vendor management and the need for financial institutions to ensure that their third-party partners adhere to the same level of security standards as the banks themselves. It also highlights the potential risks and consequences of data breaches, particularly for customers whose personal and financial information has been compromised.

Both DBS Bank and Bank of China have shown a commitment to transparency and have taken swift action to address the breach. The incident serves as a cautionary tale for financial institutions and vendors alike, emphasizing the need for robust security measures and comprehensive risk management practices to prevent similar breaches in the future.

DBS Group, a design-build construction company, has expanded its business development team with the appointment of Greg Towner as regional vice president for the greater Rochester community. Towner, a real estate developer with extensive experience, joins Jeff Anneke, who has been named regional vice president and will focus on expanding DBS Group’s presence in the multifamily and senior housing sectors.

Towner’s background in construction management and real estate development is impressive. He began his career as an assistant superintendent and progressed to become a director of real estate and construction for a major healthcare institution in Colorado and Kansas. In 2013, he founded Towner Companies, a real estate development and investment company that serves Rochester. With this new role, Towner will continue to grow his company while partnering with DBS Group.

Towner’s most recent project, a medical office, is a collaboration with DBS Group, demonstrating his ability to build successful partnerships. His expertise in both construction and real estate development will undoubtedly benefit DBS Group as the company expands its presence in the greater Rochester community.

Anneke, who has been with DBS Group, will focus on growing the company’s footprint in the multifamily and senior housing sectors, building on his existing knowledge and experience. The addition of Towner and Anneke to the business development team underscores DBS Group’s commitment to strategic growth and expansion.

DBS Aims to Help Heartland Merchants Thrive in Digital Economy

DBS, a leading bank in Singapore, has launched an initiative to support heartland merchants in developing their digital marketing skills. The aim is to help these businesses grow their customer bases and adapt to an increasingly online world.

To achieve this, DBS will offer online courses to merchants who sign up for its Heartland Merchant Banking Package. This package provides benefits such as waivers and cashback, estimated to save merchants up to $1,880. The courses will equip merchants with the skills to reach new customers online and connect with a wider audience.

The launch event, held at Oasis Terraces in Punggol, saw over 800 merchants and residents in attendance. Senior Minister Teo Chee Hean, who anchored the affair, noted that the world is going through a tumultuous time due to global trade tensions. He emphasized the importance of preparing for an uncertain future and supporting local businesses.

To address the challenges posed by the ongoing trade wars between the US and China, SM Teo advised businesses to gird themselves and prepare for the future by staying strong and stable.

Several merchants, such as owner of Seoul Good Korean Restaurant, Alvin Chua, participated in the launch, taking part in a live-streaming trial to promote their business on TikTok Shop. Chua expressed excitement about the potential to reach new customers online.

DBS Banking’s Deputy CEO, Lim Him Chuan, reiterated the bank’s commitment to supporting heartland merchants, recognizing their importance in the community. DBS aims to support their growth in the digital economy through this initiative.

The program is launched as part of the bank’s anniversary celebrations, commemorating Singapore’s 60th birthday.

A groundbreaking study published in the Lancet medical journal has revealed that an AI-enhanced treatment has shown promising results in reducing Parkinson’s disease symptoms for some individuals. The innovative approach combines machine learning algorithms with deep brain stimulation (DBS), a surgical procedure that delivers electrical impulses to specific areas of the brain to alleviate symptoms.

The study, led by researchers at the University of Toronto, involved 15 patients with Parkinson’s disease who underwent the AI-enhanced DBS treatment. The participants were divided into two groups: one received traditional DBS therapy, while the other received the AI-enhanced treatment.

The AI system, developed by a Canadian startup, uses machine learning to analyze the patient’s brain activity and adjust the DBS settings in real-time to optimize symptom relief. The AI algorithm processes the patient’s brain waves, identifying patterns related to motor function, and adjusts the electrical impulses accordingly.

Researchers found that patients receiving the AI-enhanced DBS treatment experienced a significant reduction in Parkinson’s symptoms, including tremors, rigidity, and bradykinesia (slow movement). The study reported a 25% reduction in symptoms in the AI-group, compared to a 10% reduction in the traditional DBS group.

One of the study’s most notable findings was the improvement in motor function, particularly in patients with severe symptoms. The AI-enhanced treatment allowed some participants to regain the ability to perform daily tasks, such as dressing and walking, which were previously impaired.

The study’s lead author, Dr. Clement Hamani, emphasized the potential of AI-enhanced DBS to improve the lives of Parkinson’s patients. “This technology has the potential to revolutionize the treatment of Parkinson’s disease,” he said. “We’re not just treating symptoms; we’re trying to restore function and quality of life.”

While the study’s results are promising, researchers caution that the AI-enhanced treatment is still in its early stages and requires further testing to confirm its safety and efficacy. Moreover, the treatment is not without risks, and its use should be carefully evaluated on a case-by-case basis.

In conclusion, the AI-enhanced DBS treatment has shown promising results in reducing Parkinson’s symptoms for some individuals. As the technology continues to evolve, it may offer new hope for patients with this degenerative disease. However, more research is needed to fully understand the treatment’s benefits and limitations, and to ensure its safe and effective use in clinical practice.

The China Women’s Development Foundation (CWDF) has launched the “Everlasting Love, Shining Homes” Family Nurturing Plan in partnership with DBS Bank and the DBS Foundation. The initiative aims to improve household living conditions and strengthen family education for underprivileged families across China. Over the next two years, the program will support 2,000 low-income families in 10 provinces by renovating their living spaces to create dedicated study and living areas for children, enhancing privacy and safety.

In addition to physical improvements, the program will offer 130 online and in-person enrichment curricula covering education, humanities, nature, science, and financial literacy. This will empower parents and family members with family education resources, while fostering stronger parent-child relationships. The initiative is expected to benefit approximately 220,000 participants.

At the launch event in Beijing, CWDF chairperson Du Rui emphasized the organization’s commitment to improving the lives of women and families in need. DBS Bank (China) CEO, Ginger Cheng, also highlighted the program’s long-term significance, noting that family well-being plays a critical role in societal development. She emphasized that by improving living spaces for underprivileged children and providing deeper emotional support for families, the program is not only enhancing their quality of life but also contributing to the sustainable development of society.

This initiative demonstrates a collaborative effort to support underprivileged families, providing them with improved living conditions, education resources, and family education. The long-term benefits are expected to have a positive impact on the well-being of the families involved, as well as the broader community.

Piyush Gupta, the Chief Executive Officer (CEO) of DBS, has stepped down from his position, handing over the reins to Tan Su Shan, who has now become the first female CEO of the bank. Gupta, who is of Indian origin, has led the bank for 15 years, playing a significant role in its growth and success.

Under Gupta’s leadership, DBS achieved a record-breaking performance in 2024. The bank’s full-year net profit rose 11% to SGD 11.4 billion, with a return on equity (ROE) of 18%, as per the bank’s annual report released earlier this month. This remarkable performance is a testament to Gupta’s vision and leadership.

As Gupta hands over the baton to Tan Su Shan, he leaves behind a legacy of growth, innovation, and success. Tan Su Shan, the new CEO, brings a fresh perspective and set of skills to the role, and it will be exciting to see how she shapes the bank’s future.

The news of Gupta’s departure and the appointment of Tan Su Shan, the first female CEO of DBS, is significant not only for the bank but also for the financial industry as a whole. It marks a significant milestone in the journey towards diversity and inclusion, showcasing that women can climb to the highest echelons of leadership in the industry.

DBS!

DBS Bank India is hosting an exclusive event at the prestigious Bombay Gymkhana in Mumbai, offering an opportunity for select customers and members to meet India’s top badminton stars. Five world-class players, including Lakshya Sen, Chirag Shetty, Satwiksairaj Rankireddy, Treesa Jolly, and Gayatri Gopichand, will be in attendance. The event, curated around DBS Bank India’s brand promise “Live more, Bank less”, aims to provide a unique experience for those attending.

The event will feature a meet-and-greet session, a 15-minute game on the badminton court, and a personalized photo opportunity with the players. A special two-hour interactive session has also been planned for select Gymkhana members and their children.

The badminton stars include Lakshya Sen, who made history at the 2024 Paris Olympics, and Trosea Jolly and Gayatri Gopichand, the world No. 9 women’s doubles duo. Chirag Shetty and Satwiksairaj Rankireddy, Khel Ratna awardees and former world No. 1s, will also be in attendance.

Azmat Habibulla, Managing Director and Head of Group Strategic Marketing & Communications at DBS Bank India, said that the event embodies the bank’s brand promise, offering a unique opportunity to connect with India’s top badminton stars. The event is a reflection of the bank’s commitment to creating memorable experiences for its customers.

DBS Bank India has been named “Asia’s Safest Bank” by Global Finance for 16 consecutive years, emphasizing its strong financial position and sound risk management practices. The bank offers a range of solutions for high net worth individuals, including “DBS Study Abroad Total Assist”, which supports customers and their families in their overseas education journey.

Truhome Finance, a mortgage lender owned by Warburg Pincus, has secured $100 million in external commercial borrowing from DBS Bank and Sumitomo Mitsui Banking Corporation (SMBC). This is the first external borrowing by the company since it was acquired by Warburg Pincus in December 2022. The loan was raised through a social loan facility, with each of the two banks investing $50 million. The tenure of the loan is three years, and the blended cost is 7.9%, which is 160 basis points over the Secured Overnight Financing Rate (SOFR).

Truhome Finance has a significant asset under management of approximately Rs 17,000 crore, with a network of 165 branches across 17 states and union territories. The company focuses on borrowers from the middle-income group and low-income groups, mostly residing in urban and semi-urban regions. About three-fourth of Truhome’s borrowers are self-employed and operating in a formal sector, with an average loan book ticket size of Rs 18 lakh.

The external borrowing facility will help the company diversify its resources and expand its business. This move demonstrates the trust that marquee investors have in Truhome’s business model, as stated by the company’s managing director, Ravi Subramanian. The company has already received further support from Warburg Pincus, which invested an additional Rs 1,200 crore in the company last year and has committed to infusing more capital whenever needed.

A recent data analysis has exposed the flaws in the UK’s criminal records system, highlighting the fact that many people are being forced to disclose minor offenses committed in their childhood, even if it’s been decades since they were committed. The story reveals that over 35,000 individuals, including some as old as 87, had their criminal records checked under the Disclosure and Barring Service (DBS) in the last decade, resulting in the disclosure of childhood convictions from over 40 years ago. While a small number of the offenses were serious, such as rape, manslaughter, and arson, the vast majority were for relatively minor infractions, including common assault, affray, theft, and even “malicious mischief”.

This has led to calls for reform of the criminal records system, as many of these individuals have lived blameless lives since the 1960s. The fact that they are being forced to disclose these minor offenses can have significant implications for their current, peaceful lives. This highlights the need for a more nuanced approach to dealing with criminal records, taking into account the passage of time and the potential impact on an individual’s reputation and opportunities.

The data also shows that 45 pensioners had to disclose their childhood convictions, including 11 who were 80 or over. This is a stark reminder that the current system can have far-reaching consequences for people of all ages, long after the original offenses were committed. It is clear that the UK’s criminal records system requires urgent review to ensure that justice is served and individuals are not unfairly penalized for past mistakes.

Newronika has received CE mark approval for its AlphaDBS device, a next-generation, closed-loop deep brain stimulation (DBS) system for treating Parkinson’s disease. The company’s innovative system dynamically adjusts stimulation based on real-time brain signals, optimizing symptom control and reducing side effects. This adaptive approach minimizes the need for frequent programming adjustments by neurologists and provides a personalized experience for each patient.

This approval follows clinical data that demonstrates the safety and effectiveness of AlphaDBS, which showed patients experiencing more time without symptoms or side effects compared to traditional DBS methods. Additionally, patients reported improved overall quality of life and a greater preference for the adaptive mode.

Newronika joins Medtronic, who received CE mark approval for its adaptive DBS system in January and FDA approval in February, in the market. Newronika plans to launch AlphaDBS in select European markets this year and will initiate a pivotal trial in the US, having received FDA investigational device exemption (IDE) last month.

CE mark approval signifies that AlphaDBS meets EU’s regulatory requirements for safety and performance, marking a significant milestone for Newronika and the field of deep brain stimulation. According to Lorenzo Rossi, CTO and co-founder of Newronika, “The CE Mark approval of AlphaDBS is a defining moment for Newronika and for the field of deep brain stimulation. This certification validates our vision of bringing truly adaptive neuromodulation to patients.” With this approval, Newronika is poised to set a new standard in the treatment of Parkinson’s disease.

The report highlights the growth of banking brands in Asia-Pacific (APAC) and globally, with Singapore’s DBS being the fifth most valuable bank brand, with a brand value of $17.2 billion, and ranked 17th globally. OCBC and UOB also made it to the Top 70 of the global rankings, with OCBC climbing seven positions from 2024. The brands’ growth was driven by increased interest income, card fees, and wealth management and loan-related income.

Brand Finance, a London-based brand valuation consultancy, estimates the brand’s value by computing a royalty rate that would be charged for its use, which is compliant with ISO 10668. The company conducts over 6,000 brand valuations annually.

According to the report, Bank of Singapore made its debut as the fifth strongest banking brand globally, with a Brand Strength Index (BSI) score of 94.7/100, despite its lower brand value. The rise of brand value in Singapore’s top banks highlights the sector’s resilience and adaptability.

Other notable findings include ICBC retaining its position as the most valuable banking brand in the world for the ninth consecutive year, growing 10% to $79.1 billion. UK neobank Revolut was the fastest-growing banking brand globally, with a 795% increase in brand value to $1.9 billion, driven by strong revenue growth, customer expansion, and significant marketing investment.

The report also notes that BCA retained its top spot in terms of strength, with a BSI score of 97.1/100, reinforcing the growing strength of local and regional banks. Overall, the report highlights the importance of brand familiarity, customer trust, and sustained investment in innovation, customer engagement, and brand strength to maintain a strong brand presence in the ever-changing banking landscape.

DBS Foundation has selected 22 Businesses for Impact (BFIs) from across its key markets, including four from India, to receive funding under its Annual Grant Award program. The selected businesses will receive a total of SGD 4.5 million to scale their operations and benefit over 800,000 beneficiaries over the next two years. The BFIs are aligned with DBS Foundation’s focus areas, including providing essential needs, fostering inclusion, and tackling the challenges of ageing societies.

One-quarter of the grantees are dedicated to addressing the challenges of ageing societies, building on DBS Foundation’s efforts to scale longevity businesses that meet the needs of ageing populations. The grant program aims to empower innovative social enterprises and small-and-medium enterprises (SMEs) that drive positive impact by providing them with capital and expertise to scale.

The four grantees from India are:

1. Hasiru Dala Innovations, which aims to build a world with no waste and no waste pickers, and will use the grant to upgrade its plastic waste processing capacity in Bengaluru and expand to new markets.
2. Atypical Advantage, which is India’s largest livelihood platform for people with disabilities, and will use the grant to run skills-training centers and develop inclusive training material.
3. Neurosynaptic Communications, which brings healthcare to rural areas through telemedicine, and will deploy the grant to establish two new centers to provide medical and consultation services.
4. Last Mile Care, which offers comprehensive healthcare services to workers and their families, and will use the grant to scale its model by setting up a large phygital healthcare unit in Odisha to serve industrial workers in the state.

The DBS Foundation grant program is part of the bank’s broader efforts to scale businesses that benefit vulnerable communities. Since 2015, the foundation has provided over SGD 21.5 million in grant funding to over 160 BFIs.

The Aston Martin DBS 770 Ultimate’s enhanced stiffness and handling are highlighted in its turn-in, where the previous DBS had a slight lag before the nose would swing into a turn. This delay is now eliminated, providing a more immediate and responsive turn-in experience. Additionally, the removal of a rubber damper from the steering column has improved steering feel and accuracy. The car’s revised damping also helps to reduce the transmission of road shocks to the driver.

The 770 Ultimate’s handling is characterized by its ability to seamlessly blend its immense powertrain with its sophisticated suspension, providing a ride that is both tactile and smooth. The car’s traction control system works unobtrusively, allowing the driver to fully exploit the V12 engine without being interrupted by sudden arrests of power.

Other refinements in the 770 Ultimate’s package include shorter torque interruption during gearshifts and the elimination of the “double-bump” transmission phenomenon, resulting in smoother and more seamless gear changes. Overall, the 770 Ultimate offers a more concentrated and accurate steering experience, as well as a more refined and enjoyable driving experience, regardless of speed. Its improved handling and power delivery make it an exceptional driving machine, rivaling the excellent V8 DB11 of 2018.

DBS, a Singaporean bank, has released its first emissions report since committing to net zero targets. The report highlights the bank’s progress in reducing its greenhouse gas emissions across various sectors. While there was mixed performance across the seven key sectors, the bank showed positive developments in power, oil, and gas, which were considered high-emitting sectors.

Notably, the shipping and steel sectors fell behind the bank’s net zero transition pathways, a clear area for improvement. However, the successes in power, oil, and gas demonstrate progress in areas that were previously considered challenging.

It is essential to recognize that the mounting excitement around DBS’ report should be tempered. The headline numbers alone do not paint the entire picture. A more nuanced approach is necessary to fully understand the bank’s efforts to reduce its carbon footprint.

The report’s release is a significant milestone for DBS, signifying its commitment to addressing climate change and contributing to a global goal of net zero emissions. While there is still much work to be done, especially in the shipping and steel sectors, the bank’s progress in other areas is encouraging. The report serves as a baseline for further improvements, and DBS will likely face increased scrutiny and pressure to deliver on its climate promises.

DBS’ report sets a standard for other financial institutions to follow, as the banking industry grapples with the urgent need to reduce emissions and address climate change. The disclosure of such reports will help stakeholders, including investors, customers, and regulators, better understand the bank’s environmental performance and its efforts to mitigate the impact of its operations on the environment.

Ultimately, DBS’ first emissions report is a meaningful step towards transparency and accountability, but it is by no means the end goal. The bank’s continued commitment to reducing its emissions and achieving net zero will be critical to its success in this journey.