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Singapore’s DBS Bank Suffers 2-Day Tech Outage – Cryptovibes.com – Daily Cryptocurrency and FX News

Singapore’s DBS Bank Suffers 2-Day Tech Outage – Cryptovibes.com – Daily Cryptocurrency and FX News


Summary

  • Singapore’s biggest bank faces online banking disruption
  • Bank suffers biggest outage in 11 years
  • Says identified problem, working to resolve issue
  • Users complain about long period of disruption

On November 24, Southeast Asia’s largest bank, DBS Group Holdings Ltd (DBSM.SI) assured customers that their deposits and monies were safe as its online banking services faced disruption for the second consecutive day.

Since a major glitch in 2010 left customers unable to withdraw cash from ATMs for hours, the current disruption, including issues with its payment apps, is the biggest suffered by Singapore’s DBS. That resulted in the bank facing central bank supervisory action.

The latest disruption happened just hours after the bank announced a fix after the first day of outage drew the ire of customers. Shee Tse Koon, Singapore country head of DBS, said in a video message on Facebook:

“Yesterday, we identified a problem with our access control servers and this is why many of you have been unable to log in.”

Despite DBS and its third-party engineering providers fixing the issue and services being restored just after midnight, the problem recurred on Wednesday morning. Shee said.

“I want to assure you that your deposits and monies are safe. Customers could use the bank’s branches and phone banking services.”

DBS operates its biggest retail and wealth management market at home in Singapore, where it is the market leader in retail banking. But, it also operates in places like Indonesia, India, and Hong Kong.

In the 2,500 comments attracted by the bank’s Facebook post, users said they were unable to log onto their digital bank accounts while some asked for compensation. User Tan Kim Lam said:

“A component of the banking infrastructure can bring the entire service down for more than 24 hrs and counting. A bit unacceptable in current day expectations and standards.”

It was time to move to other banks, according to another user. Samson Joseph added:

“The downtime is too long. Disappointed. Time to switch Bank. Am expecting DBS to do better than this.”



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