DBS Fund transfer not immediate

[yuppieboy]

Just did a fund transfer to my account in another bank. But the transaction needs to wait 6 hours to be effected according to their anti scam measures.

I do not find this measure convenience at all even though it is supposed to protect customers from scam.

They should allow immediate transfer to own account name and those existing payees in my listings without any issue. Otherwise, why have FAST in the first place?

 

[reddevil0728]

Just did a fund transfer to my account in another bank. But the transaction needs to wait 6 hours to be effected according to their anti scam measures.

I do not find this measure convenience at all even though it is supposed to protect customers from scam.

They should allow immediate transfer to own account name and those existing payees in my listings without any issue.

What’s the context?

new payee?
Big amount?

etc?

 

[yuppieboy]

What’s the context?

new payee?
Big amount?

etc?

Not new payee, it’s transferring to an account (another bank) under my name. It is big amount according to them but I have done much higher before.

 

[royalmix]

Not new payee, it’s transferring to an account (another bank) under my name. It is big amount according to them but I have done much higher before.

U use the app to transfer?

 

[wutawa]

Back to the days where giro transfer took 3 days.

 

[yuppieboy]

U use the app to transfer?

Yes I did. Now I have to personally call their busy hotline to effect the transfer but still have to wait.

 

[royalmix]

Yes I did. Now I have to personally call their busy hotline to effect the transfer but still have to wait.

Next time, use ibanking to transfer!

Banks' systems are very sensitive to movement of funds using app. Go read SCB thread, so many people kena account locked when they use app to transfer, like "scammers in action"!

 

[reddevil0728]

Not new payee, it’s transferring to an account (another bank) under my name. It is big amount according to them but I have done much higher before.

https://forums.hardwarezone.com.sg/...-under-new-scam-prevention-framework.7075311/

So fast implement?

 

[royalmix]

https://forums.hardwarezone.com.sg/...-under-new-scam-prevention-framework.7075311/

So fast implement?

It is basic business control or common sense to practice good security, regardless of regulations. No need to wait to be told!

 

[reddevil0728]

It is basic business control or common sense to practice good security, regardless of regulations. No need to wait to be told!

Oh don’t disagree.

just curious so fast

 

[royalmix]

Oh don’t disagree.

just curious so fast

I have been practicing my own good security management, dun wait to be scammed or 'locked" before you take action!

 

[reddevil0728]

I have been practicing my own good security management, dun wait to be scammed or 'locked" before you take action!

Great! Noted?

 

[wira]

Not new payee, it’s transferring to an account (another bank) under my name. It is big amount according to them but I have done much higher before.

SG banks are not able to detect if the account (another bank) belongs to you or not due to banking secrecy act so banks cannot share account details to other banks.

for your case, could it be the amount is more than half of your aum amount as banks need to implement account draining detection to prevent scams also.

"Banks must detect when large sums – more than half of a balance of at least $50,000 – are rapidly drained from an account over a day."

 

[~sabaisabai~]

Just did a fund transfer to my account in another bank. But the transaction needs to wait 6 hours to be effected according to their anti scam measures.
I do not find this measure convenience at all even though it is supposed to protect customers from scam.
They should allow immediate transfer to own account name and those existing payees in my listings without any issue. Otherwise, why have FAST in the first place?

6 hours really long

I mean in view of the scam. many lost their money. it probably just additional security measure

 

[peppermint7]

They seriously should revive the physical token to avoid all these delays. Haiz

 

[Squaredot]

They seriously should revive the physical token to avoid all these delays. Haiz

I wish the same too! But seems they won't be turning back.
So more measures will be implemented to keep our money safe, bo bian we have to take whatever inconvenience these measures bring.

 

[peppermint7]

I wish the same too! But seems they won't be turning back.
So more measures will be implemented to keep our money safe, bo bian we have to take whatever inconvenience these measures bring.

Actually many things in the past are working fine.
Eg.
1) use back physical token for banking related. (To prohibit scammers.)

2) if need change home address go neighbourhood police post personally to change. (To avoid 80 addresses being changed until the owner themselves don't even know. )

 

[reddevil0728]

Actually many things in the past are working fine.
Eg.
1) use back physical token for banking related. (To prohibit scammers.)

2) if need change home address go neighbourhood police post personally to change. (To avoid 80 addresses being changed until the owner themselves don't even know. )

Technically police can continue to wear shorts also.

but that’s life right

 

[havetheveryfun]

They seriously should revive the physical token to avoid all these delays. Haiz

alternatively they can just give standard interest rates across all the banks.

ppl are only transferring large sums of money here and there under their own names mostly for the interest rates gimmicks.

 

[yiron]

Anti-scam measures are fine, but at least give people the option to whitelist payee accounts.