Following the recent disruption of DBS’ online banking services, the Monetary Authority of Singapore (MAS) will be taking action against the bank.

MAS called DBS’ disruption “unacceptable” and has instructed DBS to conduct a thorough investigation to establish the root cause of the disruption, and to submit the findings of their investigation to MAS.

MAS added that DBS “has fallen short of MAS’ expectations to maintain high system availability and ensure its IT systems are recovered expeditiously.”

Background

On March 29, DBS clients experienced difficulties using the bank’s digital platforms, such as the DBS PayLah! app, DBS iBanking etc.

According to Downdetector, over 1,000 reports have been made from 8 AM to 11 AM, and as of 11.15 AM the service has not recovered.

DBS’ Facebook statement

“Access to digital services (digibank Online and Mobile, PayLah!) is currently unavailable. We are resolving the issue and will update as soon as services are recovered.

Customers can continue to use their DBS/POSB cards for transactions. Please be assured that our systems remain secure and uncompromised. We are very sorry for the inconvenience caused.”

MAS Statement on Disruption of DBS’ Digital Banking Services

Singapore, 29 March 2023…DBS notified MAS early this morning that its customers were experiencing difficulties logging in to its digital banking services.

MAS has been in close contact with DBS to ensure expedited recovery of its digital services and timely communications to customers on the disruption. We note the bank has since resumed normal digital banking services and is monitoring the situation.

2. MAS takes seriously the reliability of banks’ critical IT systems. 

3. Today’s disruption of DBS’ digital services is unacceptable, coming a year after a similar incident in November 2021. 

DBS has fallen short of MAS’ expectations to maintain high system availability and ensure its IT systems are recovered expeditiously.

MAS has instructed DBS to conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS. 

MAS will take the commensurate supervisory actions after gathering the necessary facts.