20-05-2015, 10:11 AM
If bank fails, we are covered by this:
https://www.sdic.org.sg/di_faq.php
But if bank employee runs road with depositors money, are we insured by Deposit Insurance Scheme?
Cashing out: millions 'disappear from China bank accounts'
See more at: http://business.asiaone.com/news/cashing...mu8iN.dpuf
A businesswoman deposited the equivalent of almost US$2 million (S$2.65 million) at a branch of China's largest bank but only US$20 remained after most of it was transferred without her authorisation, state media reported. Wang Li was one of several victims of a scam, involving millions of dollars, at a branch of the state-owned Industrial and Commercial Bank of China (ICBC) in Shijiazhuang, highlighting increasingly sophisticated financial crime. A branch executive persuaded her to put 10.8 million yuan (S$2.25 million) in a one-year deposit programme offering interest rates more than three times the norm, China News Service reported. But when she checked her account earlier this month it held only 124 yuan, the report on Tuesday stated. She had never used the online banking security device she was given when she opened the account, it added - but was later told that the device had a different serial number to the one she had signed for, implying that the genuine one may have been used to access her funds.
https://www.sdic.org.sg/di_faq.php
But if bank employee runs road with depositors money, are we insured by Deposit Insurance Scheme?
Cashing out: millions 'disappear from China bank accounts'
See more at: http://business.asiaone.com/news/cashing...mu8iN.dpuf
A businesswoman deposited the equivalent of almost US$2 million (S$2.65 million) at a branch of China's largest bank but only US$20 remained after most of it was transferred without her authorisation, state media reported. Wang Li was one of several victims of a scam, involving millions of dollars, at a branch of the state-owned Industrial and Commercial Bank of China (ICBC) in Shijiazhuang, highlighting increasingly sophisticated financial crime. A branch executive persuaded her to put 10.8 million yuan (S$2.25 million) in a one-year deposit programme offering interest rates more than three times the norm, China News Service reported. But when she checked her account earlier this month it held only 124 yuan, the report on Tuesday stated. She had never used the online banking security device she was given when she opened the account, it added - but was later told that the device had a different serial number to the one she had signed for, implying that the genuine one may have been used to access her funds.