• Julie O'Connor

How To Spot A Scam Bank Letter, if this is Genuine Bank Correspondence?

Updated: Jan 23

Following the recent Asian Sentinel article and my response in relation to a Singapore fraud that I have been attempting to expose for years, a few people have contacted me and raised a very valid point. If these two letters were sent by DBS to a DBS Bank client and they have not been tampered with, how on earth is anyone ever going to recognise a fake? The majority of people believe that to spot a fake you look for mistakes!

Yet these DBS letters that the DBS Board claim are genuine and match the bank's file copies, have no return address, no bank reference, are littered with errors, UK and US spelling, missing bullet point, duplicate bullet points, reference to being a Fourth Supplemental letter when it was supposed to be a Sixth Supplemental letter, changes in job title of author, a suspect signature, asking for corporate guarantees 12-months in the past, using old company name, transposing dates, addressing letters to and cc'd the same parties....

These letters were used to wipe between 92.2% - 96.6% (A$30m - A$40m) off the value of a company being acquired by an influential bank client. And after asked to authenticate the letters, DBS took eight-weeks to decide to refuse to do so, during which time the bank client competed his acquisition.

Surely scammers could have done a better job.

So the next time you receive a link to what you a believe to be a fake DBS website/sms should you consider the more mistakes, the more likely it is to be genuine? Food for thought!