DBS announced on January 14, 2012, that it has blocked overseas ATM access to most accounts with immediate effect. This announcement came after the bank found out that $1 million was stolen from 700 of the banks customers. The customers can now block the usage of their cards overseas by contacting the bank. Customers who have not used their cards overseas since July 1, 2011 will not be able to do so unless they make arrangements with the bank. Customers who have used their cards overseas on or after July 1, 2011 will be able to continue to use their cards overseas. Customers can disable the use of their cards overseas by calling the bank, or at any of the bank’s branches and ATM machines. The Commercial Affairs Department, the Singpore Police’s white-collar crime unit, charged two Malaysians on January 12, 2012, with possessing a machine and other tools to make false ATM cards. A third suspect was named in the charge on January 14, but no details were given. On January 14, DBS Bank revealed that the two ATM machines which were compromised did not have “jitter” technology turned on. “Jitter” technology shakes the card upon insertion and removal to make it difficult for crooks to install the “skimming” devices. The bank said that current-day skimmers can compromise jitter technology. The use of jitter technology would result in...Read More
In the wake of the largest ATM fraud in Singapore, all banks are tightening the security of their ATM machines. DBS is looking to send SMS alerts of ATM withdrawals to its card holders. Piyush Gupta, CEO of ATM OCBC bank, said the bank is implementing an option to switch on or off ATM withdrawals when the card holder visits other countries. The bank will also implement a system of SMS alerts for all local and foreign ATM withdrawals. The bank had already installed anti-skimming devices in all its ATM machines since 2007. To give additional security, Citibank is also enhancing its Citi Alerts service to include ATM withdrawals. Citibank also provides its customers with information on their last four transactions and account balances via SMS on demand at any...Read More
Ms Selena Cheong, who has been practicing as a lawyer in Singapore for some 16 rears, was found guilty of gross misconduct by a disciplinary tribunal, comprising of Senior Counsel Chan Leng Sun and lawyer Johnny Cheo. Siew Lee hired Ms Chiong in September 2009 to start divorce proceedings so that her husband’s share of the HDB flat was to be transferred to her before her husband went abroad. Madam Heng was told by the lawyer that that matter was very straightforward and could be settled in six months. In mid-January 2010, when Madam Heng asked for, updates she found out that the divorce papers were filed only three weeks prior to that date. She decided to terminate the services of the lawyer in March 2010 but she continued to write to the other party’s lawyer. The case will now go before the Court of Three Judges, the highest body to discipline lawyers in...Read More
The Panama-registered Universal Shipping Group was ordered to pay US$ 2.89 million (Sin$ 3.73 million) by the High Court in Singapore after the court found that the shipping company had conspired with another company to defraud a Chinese bank. Universal chartered its vessel, the “Dolphina”, to a Malaysian palm oil producer, Kwantas Oil, to carry 3000 tonnes of palm oil to China in 2008. On arrival of the ship in China, the palm oil cargo was unloaded in Huangpu without the original bills of lading. Kwantas gave an indemnity to The Bank of Communications (BOC) in Zhejiang Province to protect Universal against all liabilities arising from unloading without the original bills of lading. The BOC had given a letter of credit for US$ 3.4 million in favour of Kwantas on behalf of Zhejiang Zhongguang Industry, which imported the oil from Malaysia. According to the charges, Universal conspired with Kwantas to persuade BOC to pay US$ 3.4 million to Kwantas under the letter of credit on the strength of the documents presented. Kwantas distributed the oil to various end users through Dongma Oils & Fats, a company linked to Kwantas and Universal. In the meantime, Zhejiang Zhongguang Industry ran into financial difficulties and could not meet the payment to BOC. The bank found out that the oil had been sold 2 months before the due date. BOC arrested the “Dolphina,” which...Read More
Lawyer Mr K. Jayakumar Naidu faces a Court of Three Judges, the highest disciplinary body in the legal profession in Singapore. This Court has the power to fine, suspend or order an errant lawyer to be struck off the rolls. This follows a disciplinary tribunal that found him guilty of flouting the basic rules of professional conduct. His client lost S$ 223k. Mr Hay Choo Soon engaged Mr Jayakumar to act as his lawyer in the sale of his flat. Choo Soon has a neurodegenerative disease and is bedridden in a nursing home. His younger brother, Boo Seng, known to be a gambler, approached Jayakumar in November 2009 for a letter to be signed by Choo Soon authorising Boo Seng to sell the flat and to receive the proceeds on behalf of Choo Soon. In the following month he got the lawyer to draft another letter authorising a sum of $ 46,000 to be paid out of sale proceeds to Tan Leng Howe for payment of hospital bills, which was not true. At the time when the sale was nearing completion, Choo Soon decided to appoint another lawyer, Mr Wong Chee Mun, to act for him. Mr Jayakumar did not respond to a letter from Wong Chee Mun informing him of the change. He also ignored the warning that Boo Seng needed the money to clear his debts. Instead,...Read More
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