He added that the banks will have to take active steps to rebuild customers' trust. "I think the banks will have to assure the customers that it is safe and what steps they have to take to keep it safe."
The Monetary Authority of Singapore has to work with the banks on this as well, Mr Shanmugan told Shin Min Daily News on the sidelines of a consti- tuency event in Yishun.
About 400 customers have been affected in the ATM fraud, with about $500,000 stolen from their accounts.
The local bank has said that it will fully compensate affected customer within 24 hours.
While investigations are under way, DBS said last Friday evening that increasing evidence pointed to the unauthorised withdrawals as being part of a card-skimming operation.
ORIGINAL SOURCE
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