I Know How Important It is to Use Protection, But…
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I never had to use one before, and I had dreaded the very day when I would be forced to. Sure, I know I should always try to protect myself. But it just feels so much better to go without it, you know? I don’t need that extra… Barrier. I just want to get things done. I don’t want to have to reach for something else. Besides, it’s not as though I haven’t heard several complaints about it lately, as much as the media is encouraging the use of it. They keep saying it would be so much better and safer if everybody used one. So I knew it’s inevitable that some day, I would have to use it. My only wish was that the days before then would be prolonged for as much as possible. When an unsuspecting-looking white package arrived in the mail recently, I knew that those days had come to an end. The package came from the bank. DBS, to be precise. It contained the dreaded device, the latest security feature implemented by our local banks that puts the inconvenience into the formerly convenient internet banking. This, ladies and gentlemen, is the DBS iB secure device. [...]
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Dec 1, 2006
2
Hi. I prefer to call your Chinese name. I happen to have a friend with the same name too!
Dec 1, 2006
3
well, u probably haven got burn like me… This happen to me just a 2 days ago. My dbs ibanking was being HACKED.. my last transaction was on 27/11 bll payment to sp services. On 30/11/05, i tried to access my ibank and login but the password was rejected 3 times and account was locked. I got a feeling something happened and called the bank. After verifying my personal details, they told me my last transaction was 30/11 of 2 transactions of $20.39. I was shocked
Dec 1, 2006
3
I got even a bigger shock when the bank says there was a $2949 ttransaction of d2pay from dbs bank out of my account on 29/11/06. I cant believe that dbs security is so easily being hacked into.. i made police report + bank report… now still pending.. its $3k suddenly gone.. how i hope that i can get the device earlier.. but i lose confidence in dbs banking… have being with OCBC banking for 10 yrs and none of this happen… and ironically, i just open account with dbs bank 2 months ago.. sighz
Dec 1, 2006
3
and i have to let u guys know… that its not the ibanking that we should worry as we have to verify if transfer to a third party.. this smart hacker here use enets … d2pay to transfer to other accounts.. so the device will be really helpful.. its beter to be safe than sorry…
Dec 1, 2006
1
Hi Sad Girl,
I am sorry to hear about your loss and can understand how you feel that the secure device would have prevented something like that from happening.
However, I believe the main gripe that most people are having is that they are being strong-armed by DBS into using it, and not given an option to use other methods instead.
I wish you well in your future dealings with the DBS. When I get my secure device, the first thing I will do, like many others, will be to transfer all my money to UOB and close my DBS account.
What a PR nightmare, DBS.
Dec 1, 2006
14
We have been telling banks in Singapore over and over again for a long time, but to deaf ears. It’s hard to sell security. sigh. It only becomes important when ‘it’ really happens to them.
Incidentally, most of our customers now are not Singapore based. Does that say something? :)
Have a witty day!
michael
http://www.wits88.com
Dec 2, 2006
82
Security measures can get a bit stifling, especially when extra authentication is needed, but if it concerns the safety of both my data and money, I strongly feel that these measures are not only necessary, but the last line of defence in the event that your pin is compromised.
Don’t wait until your money has all been transferred out to whine about the lack of security.
I do agree that the implementation is probably a little option-less, since given the mobile phone penetration in Singapore, it is quite dumb not to leverage on the omni-present cell networks for the 2FA authentication.
Dec 2, 2006
31
I see a deluge of comments, plus new visitors as well lol.
Well Sad Girl, if it’s iBanking you are engaging you might want to take note of the “security” of the desktop/laptop you are using. Sometimes there may be keyloggers in your comp? However I’m not sure if a “secured” site is able to prevent keylogging. Likewise, cleaning your comp of spyware is important too. The consumer needs to play a role, not just the service-provider.
Good luck!
Dec 2, 2006
1
The device is extremely inconvenient. They should only use it for authorizing new bill payments or new funds transfer payees. Having to use this device simply to log and check an account balance is overkill.
It doesn’t address the problem that I might be overseas and wouldn’t want to carry the device with me. What was wrong with the previous handphone OTPs for adding new funds transfer payees?
I really don’t get it. This 2FA thing is absolutely useless. So much for *internet* banking. I might as well go back to using the ATM.
I *hope* that they don’t introduce this to their Business Internet Banking (IDEAL) soon. That would really piss me off.
Dec 3, 2006
I read the upcoming Citibank one has an SMS option so u don’t need to carry the token thingy around. Also, u can login without the second factor password, u only need it when u need to transact.. seems more convenient. Maybe DBS should use this approach…
Dec 3, 2006
36
For a moment, I tot you shot-gun-ed. :P
Dec 9, 2006
if a hacker can get hold of yr pin and yr handphone..doubtful that the device will still be with you…
i got mine today..and i will not register it online till the very last day i die die have to use it.
Jul 20, 2007
5
With regards to Veron’s quote
“UOB’s approach of letting people decide for themselves whether they want the security device is so much better.”
Yes UOB understand their customer well. Time & time again the If it’s not broken, don’t fix it concept has been proven. Looking at how some HSBC & DBS customers moving to other online banking platform.
Now for those who are entrepreneurial, i have an idea as explained on my blog at http://billiondollarwebsites.blogspot.com/2007/07/veron-at-sparlette.html