help i got Scam! Over SGD 3900 bank cant recover
In today’s AI-driven world, I’m struggling to understand how banks still rely on outdated processes when it comes to fraud.
I was scammed while trying to buy a simple ticket for Gardens by the Bay. Instead of being charged $24, my HSBC card was hit with €2,485. The moment I saw the incorrect charge, I immediately called the bank to stop the transaction. But instead of taking action, I was told to wait until the transaction was posted before filing a dispute.
Why should a customer have to wait for a fraudulent transaction to go through before anything can be done?
Despite reporting it instantly and even filing a police report, my case dragged on from December 2025 to April 2026 — only to be rejected. The reason? Because the payment was “authenticated” via OTP or in-app approval.
But let’s be real — scammers today are highly sophisticated. They can manipulate, trick, and bypass these systems. So why are banks still treating OTP as the ultimate proof of a legitimate transaction?
To make things worse, I was expected to pay the disputed amount plus interest during the investigation. Imagine being scammed and then being asked to carry the financial burden while waiting for a resolution.
Bank says once you approve a transaction, it cannot be stopped. Then what’s the point of reporting fraud immediately and using credit card?
If I flagged it as a scam right away, there should be a way to act before the money is gone. Instead, they push all responsibility back to the customer just because of “approval” — even when that approval was obtained through deception.
No clear proof, no proper explanation — just a one-sided outcome. Doesn’t feel like a real investigation at all.
I’m part of a younger generation that’s aware of scams, yet I still fell into this trap. What about elderly individuals who may be even more vulnerable? This system clearly isn’t protecting customers the way it should.
In an age where technology is advancing rapidly, banks should be doing more — like real-time human verification for unusual transactions, not just relying on automated approvals.
Customers deserve better protection, better accountability, and fair treatment.
#ScamAwareness #HSBC #ConsumerRights #FraudProtection #Singapore
Experiencing a scam where over SGD 3900 was unauthorizedly charged to my credit card was truly eye-opening. Despite immediately contacting the bank and reporting the fraud, the bank required me to wait until the transaction was posted before filing a dispute. From my experience, this delay creates a window where scammers can successfully steal funds while legitimate customers are left vulnerable. The bank’s reliance on OTP (one-time password) or in-app approval as conclusive proof of transaction legitimacy does not sit well with me. Scammers are increasingly sophisticated, capable of tricking users into approving fraudulent payments. I learned firsthand that an OTP approval alone isn't sufficient to guarantee transaction authenticity. This raises significant concerns about the current fraud prevention measures banks use, especially when they push the financial burden onto the customer during the investigation. What worried me further was the lack of real-time intervention from the bank. If a suspicious transaction is flagged immediately, banks should have mechanisms to halt payments before funds leave the customer’s account. Human verification for unusual activities could be key in preventing losses, but it seems banks still rely heavily on automated systems that can be bypassed. From discussing this with others, I realized that older individuals — who may not be as tech-savvy — are even more vulnerable to such scams. Banks must upgrade the security protocols to safeguard all customers, including the elderly. Transparency in investigations is also critical. I felt my inquiry was one-sided, with no clear proof presented to justify why the dispute was rejected. This ordeal has motivated me to raise greater awareness about fraud protection and consumer rights. If you’re reading this, always monitor your account activity closely and dispute any unusual transactions promptly. Advocate for banks to adopt better fraud detection technologies and customer-first policies. Only with collective pressure can financial institutions improve their defenses and provide fair treatment to scam victims.
You can bring this to arbitration via FIDReC. Will take some time but Financial institutions are bound by final decision of arbitrator. My friend disputed on credit card charges with his bank DBS n it is still ongoing. But the arbitrator seems to be pressuring DBS to settle before his decision comes out in a few weeks time, which leads us to think that the decision is likely to be in favour of my friend.