HSBC Step Up Promo - Part 2

[devion]

Singapore Banks to Implement New Measures to Combat Fraud

• Starting October 15th, Singaporean banks will implement new measures to combat fraud, potentially holding or rejecting transfers from accounts with at least S$50,000 if withdrawals exceed half the balance within 24 hours.

• This safeguard applies to digital banking transactions through apps and internet banking, but not to cash withdrawals at branches or ATMs.

• The 24-hour cooling period aims to provide a 'cognitive break' for potential scam victims, allowing them time to cancel fraudulent transactions.

• Customers may experience delays, and are advised to plan time-sensitive transactions in advance; however, recurring payments and bill payments to approved organizations are exempt.

• These measures, along with other initiatives like in-app notifications for digital token users, are part of a broader effort by banks to protect customers from scams.

https://www.channelnewsasia.com/sin...ct-transfers-anti-scam-measure-oct-15-5383281

Well....HSBC Giro RIP just in time for this....at least now will not become a headache of large funds transfers for Giro deductions in HSBC.
I still think the banks should provide an avenue for consumers to declare "safe accounts" to be registered in person at the bank, so that these accounts are validated to be not scams & allow smooth transfers.
A blanket controls of such will just impose more inconveniences to legit transactions & frustrations from consumers.

 

[CaptainWu]

Well....HSBC Giro RIP just in time for this....at least now will not become a headache of large funds transfers for Giro deductions in HSBC.
I still think the banks should provide an avenue for consumers to declare "safe accounts" to be registered in person at the bank, so that these accounts are validated to be not scams & allow smooth transfers.
A blanket controls of such will just impose more inconveniences to legit transactions & frustrations from consumers.

That's right, for pre-registered account they should have a limit setting separately. Not sure why its not implemented in Singapore.

 

[twosix]

Well....HSBC Giro RIP just in time for this....at least now will not become a headache of large funds transfers for Giro deductions in HSBC.
I still think the banks should provide an avenue for consumers to declare "safe accounts" to be registered in person at the bank, so that these accounts are validated to be not scams & allow smooth transfers.
A blanket controls of such will just impose more inconveniences to legit transactions & frustrations from consumers.

Sad that the govt is going backwards with this type of iron hand regulation.

The govt has enabled using singpass for banks to display one's worth in other banks, couldn't they use this tech to recognize one's own account in other banks and allow unlimited transfers among them?

 

[tiertime]

1. if you have wealth holdings, then your BI will be Oct (2.05%), Nov (2.00%), Dec(1.95%) and you need not worry about the 7 transactions Credit Card/ Debit Card requirements
2. If you DO NOT HAVE wealth holdings, then your BI will be Oct (1.55%), Nov (1.50%), Dec(1.45%) AND must execute 7 transactions (Credit/Debit Card) every month (Oct and Nov and Dec)
.

Oh I didn't know this, I purchased my unit trust in end Aug and just today I completed 7 purchases by the HSBC credit card

 

[revhappy]

HSBC just sent me regular debit card, my premier account was auto downgraded in May due to insufficient TRB.

 

[vsvs24]

Sad that the govt is going backwards with this type of iron hand regulation.

The govt has enabled using singpass for banks to display one's worth in other banks, couldn't they use this tech to recognize one's own account in other banks and allow unlimited transfers among them?

Our govt is pro-business. Always side the banks.

These measures are to protect the banks so that they don't have to compensate scam victims.

 

[wira]

Our govt is pro-business. Always side the banks.

These measures are to protect the banks so that they don't have to compensate scam victims.

i thought these are more to protect customers ?
All these measures are to protect customers who willingly transfer large sums out to scammers. There type of scams also wont be compensated by banks as customers are the one who performed the transfers.

 

[bladez87]

Well....HSBC Giro RIP just in time for this....at least now will not become a headache of large funds transfers for Giro deductions in HSBC.
I still think the banks should provide an avenue for consumers to declare "safe accounts" to be registered in person at the bank, so that these accounts are validated to be not scams & allow smooth transfers.
A blanket controls of such will just impose more inconveniences to legit transactions & frustrations from consumers.

Haha. Spot on.

 

[bladez87]

HSBC just sent me regular debit card, my premier account was auto downgraded in May due to insufficient TRB.

Waa Cham... Now I am worried my account will get downgraded also... I just signed up the premier MC... FK

 

[bladez87]

Because it is getting more obvious. With the bonus interest program only open to existing EGA accounts created 6 mths ago, suddenly there is a lot of new EGA accounts with just $2000 balance or no balance at all yet earning upto $300/$500 from GIRO.

You are likely right. Low account balance with maxed giro is a definite red flag

 

[bladez87]

Nothing will last forever, all good things will come to an eventual end. For this case, it lasted pretty long IMO. With this said & the difficult management of navigating the nooks & crannies to reap max interest from HSBC, likely close accounts that are no longer needed. Downgrade from Premier too in case they do start imposing the monthly $50 fee for fall below 200K TRB.
HSBC interest no longer as attractive as other local banks now.

Think this was like 5-6 years. Easily 36k per account

 

[Nanonited]

Think this was like 5-6 years. Easily 36k per account

You earned 36k per account? Wow then those with 5-10 accounts earned 150-300k for free?

imagine you open a farm of 100 accounts by paying people to let you use. Can earn 3.6mil.. retire on this already. Actually dont need to work can just do this giro FT..

 

[Nanonited]

You are likely right. Low account balance with maxed giro is a definite red flag

Thought they should just ban all these ppl instead and blacklist them. Maybe can share with other banks also so they have a record

 

[Goodintentions]

Singapore Banks to Implement New Measures to Combat Fraud

• Starting October 15th, Singaporean banks will implement new measures to combat fraud, potentially holding or rejecting transfers from accounts with at least S$50,000 if withdrawals exceed half the balance within 24 hours.

• This safeguard applies to digital banking transactions through apps and internet banking, but not to cash withdrawals at branches or ATMs.

• The 24-hour cooling period aims to provide a 'cognitive break' for potential scam victims, allowing them time to cancel fraudulent transactions.

• Customers may experience delays, and are advised to plan time-sensitive transactions in advance; however, recurring payments and bill payments to approved organizations are exempt.

• These measures, along with other initiatives like in-app notifications for digital token users, are part of a broader effort by banks to protect customers from scams.

https://www.channelnewsasia.com/sin...ct-transfers-anti-scam-measure-oct-15-5383281

DBS/POSB already implemented this 24 hour hold.

This benefits the recipient bank since they don't have to pay bonus interest for one day.

 

[bladez87]

You earned 36k per account? Wow then those with 5-10 accounts earned 150-300k for free?

imagine you open a farm of 100 accounts by paying people to let you use. Can earn 3.6mil.. retire on this already. Actually dont need to work can just do this giro FT..

nope... i didnt. i was also very late into the party
i read about it when it first started but i didnt connect the dots...haha

 

[F1ngolf2012]

Our govt is pro-business. Always side the banks.

These measures are to protect the banks so that they don't have to compensate scam victims.

I agree that govt is pro-business. But I've to humbly disagree with you on this one that the measures are to protect the banks. This new policy framework is there because govt is of the view that the banks are not doing enough to protect the people from scammers.

Insiders from banks told me that with these new measures, they indeed reduced the number of scam cases.
With anything new, it is always a knee jerk reaction. I believe they will adjust along the way to reduce inefficiency and clients' frustration.

 

[sglandscape]

I agree that govt is pro-business. But I've to humbly disagree with you on this one that the measures are to protect the banks. This new policy framework is there because govt is of the view that the banks are not doing enough to protect the people from scammers.

Insiders from banks told me that with these new measures, they indeed reduced the number of scam cases.
With anything new, it is always a knee jerk reaction. I believe they will adjust along the way to reduce inefficiency and clients' frustration.

My main complain about the banks is it's too difficult to call them now. 20 years ago if you called, you would be able to speak to someone within 10-15 minutes. These days the wait time is so ridiculously long, and they almost always want you to use the app instead.

 

[bladez87]

I probably earned about 15k in 2+ years.
It wasn't even via giro, it was the 1% cashback on debit card transactions via AXS. AXS was excluded in the T&C but maybe due to a bug, I kept receiving cashback, until July this year.

Debit card no monthly cap?

 

[tiertime]

I would spend 50k basically making payment via AXS into DBS cashline account and then transfer the funds from cashline back to the EGA account and earn 500 each month.

How did you ever figure out this complicated steps

 

[chopra]

Just let the chapter close.
No claw, no village perm ban
Which some can resonate as me
Then stay happy

And if you will
consider urself lucky