The populace is an inquisitive group. We avoid strangers, lock our windows at night, and store our belongings in bank lockers. However, we rarely take any action against online fraud. For this reason, let us see Inside DBS’s fight against online fraud. DBS Bank launched the ACT (Action Against Cyber Theft) campaign to educate consumers about the risks of online theft and how to avoid it.
"Digital is the topic of conversation. The subjects that most brands discuss are online transactions, e-commerce, and payment methods. However, it was also our duty as a brand to raise awareness of the difficulties. You might argue that this is a component of our corporate social responsibility program," says Sheran Mehra, head of DBS Bank's group strategic marketing & communications.
Creating a Safety Culture
How DBS protects you: We take every precaution to protect you from fraudulent activity. It begins with our people, systems, and processes and is ingrained in our DNA. To let you bank more while you worry less, we adhere to department-wide best practices to keep our systems, procedures, and personnel up to speed with the newest security.
How to protect yourself: Although we take every precaution to protect the funds you entrust to us, we also encourage you to exercise caution when handling money online to avoid falling victim to any fraudulent activity.
DBS strongly advises you to follow these guidelines to safeguard your finances.
Consumer Awareness: RBI Notification on Cyber threats and Frauds
When conducting any digital (online or mobile) banking or payment transaction, the RBI encourages the public to adhere to safe online banking by taking all necessary safeguards. These will assist them in avoiding monetary and/or other losses.
RBI's BE(A)WARE pamphlet on safeguarding against financial fraud
The Reserve Bank has published a brochure called "BE(A)WARE" that outlines common fraudster techniques and safety measures to follow when conducting different financial transactions.
The purpose of the brochure is to raise public knowledge of the different kinds of financial scams that are committed against unsuspecting consumers during digital payments as well as other financial transactions. The brochure details how to protect yourself from popular fraudulent tactics like the lottery, vishing/phishing links, SIM swaps, and phoney lending websites and apps.
In the meantime, DBS is extending this consumer education program to print, radio, OOH (in six metro areas), and digital (with a website and interaction material). DBS has partnered with an institute in Pune as part of the drive to educate people regarding cyber theft and how to prevent it. Experts in cyber theft will also contribute essays and guest discussions to the website. The internet portion of the campaign will run for eight or nine months, while the radio, OOH, and television promotions will run for about three months.
How DBS is assisting in safeguarding you against fraud
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Monitoring fraud in real-time by DBS's anti-scam squad
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Using AI-powered technologies to identify and stop fraudulent behaviour
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Workshops and campaigns for customer education
Proactive steps to stop new schemes, such as fraud based on artificial intelligence. The DBS anti-scam team fights a constantly changing range of tech-enabled crimes, such as impersonating government authorities, job scams, and phoney marketplace agreements.
To move the customer from a "hot" state, when rash decisions become more likely, to a "cold" state of peaceful thinking, the team also searches for strategic times to implement cognitive breaks, which are deliberate pauses in the customer journey. Customers have an opportunity to revaluate their behaviour and analyse the validity of the purchase during these pauses.
DBS's fraud monitoring systems analyse millions of transactions daily to identify anomalous activity, powered by AL/ML algorithms that are regularly updated and enhanced. The anti-scam staff at DBS flags any anomalies for further investigation as soon as they are discovered.
