A recent incident at a DBS Bank branch in Thomson Plaza, Singapore, highlights the importance of vigilance and human interaction in preventing scams. A customer, a woman in her 60s, approached the counter to withdraw $70,000 in cash, claiming she needed it for home renovations. However, her nervous behavior and lack of excitement about the renovation raised suspicions among the bank staff, particularly assistant service manager Ms Yu Chunmei. After asking a few more questions, Ms Yu discovered that the customer had not engaged a contractor or interior designer, which further raised alarm bells.
It was then that a man, who turned out to be the customer’s husband, approached the counter and revealed that his wife had been scammed by someone posing as an insurance agent. The scammer had claimed that the wife’s bank account was linked to criminal activity and instructed her to withdraw $70,000 for an “investigation.” The scammers had also warned her to keep her phone on and report to them every two hours. Ms Yu and her manager quickly realized that the customer was a victim of a scam and took swift action to prevent the scammers from accessing her funds.
The bank staff locked the customer’s savings using DBS digiVault, a “Money Lock” feature, and advised her to lodge a police report. This incident highlights the importance of human interaction and conversation in preventing scams, particularly among senior customers who may be more vulnerable to such scams. Ms Yu’s experience has taught her the value of building trust with customers through daily conversations and being vigilant in spotting potential scams.
DBS Bank has also developed digital features to help protect customers and their funds, including the DBS digiVault feature, which allows customers to lock their money in the same way they would lock their valuables in a safe. The bank also offers courses on Internet banking and fraud prevention at selected branches for customers. By combining digital tools, behavioral science, and staff vigilance, DBS has positioned itself as a leader in proactive scam prevention in Singapore. The incident serves as a reminder to customers to be cautious when dealing with strangers, especially those who claim to be from authorities or banks, and to always verify information before taking any action.