Do you know what the acronym ‘DBS’ means?
On 29 March 2023, DBS Bank or more commonly known as DBS, experienced an almost 12-hour outage of its digital bank services, which left lots of their customers complaining on their Facebook page, as many could not carry out transactions like payments and money transfers.
Although there have been no official reasons provided by DBS as yet regarding the causes behind the outage, there could be a possibility that it might have experienced some kind of cybersecurity breach, as there were accounts by customers on social media that their digital banking app PINs were reset due to attempted unauthorised logins, during the outage period.
Unfortunately, this is not the first time DBS experienced an outage of their digital bank services — in November 2021, a similar two-day outage happened, leaving many of their customers’ unable to carry out online banking transactions.
History of DBS Bank
The reason why DBS is called so is due to its original name — previously known as the Development Bank of Singapore Limited and its name was abbreviated to “DBS” on 21 July 2003. DBS has strong links with the Singapore government, as it was set up by them in 1968 to take over the industrial financing activities from the Economic…
