Experts Weigh in on DBS Bank Digital Service Outage: Consumers Have Many Avenues to Initiate a Claim for Losses Sustained

Written by Team Farallon

  • Farallon Law Corporation
  • December 3, 2021

Author: Chen Mingyao
Posted on November 26, 2021, 00:56 AM
By MediaCorp Channel 8 News

Development Bank of Singapore (DBS) and POSB Bank’s digital services have been down for two days this week and services like transferring money are also unavailable. Lawyers interviewed said that if consumers suffer any losses caused by the outage, they can contact the bank to claim compensation or can even consider filing a class action lawsuit. However, because of the cost and effort of such a legal action, a lawsuit should be the last resort when the dispute cannot be reconciled or a large amount of money is involved.

DBS Bank’s digital services had been down since Monday, November 23, and gradually resumed yesterday, November 25. Although many users have been complaining online, we have yet to hear of any sizable financial losses so far.

The consequences of not being able to pay bills or make a loan payment would typically be a late penalty or other breach of contract, or even investment losses due to not being able to log in.

Mr. Nicolas Tang, Managing Director of Farallon Law Corporation, said in an interview with 8world News that if any of the above problems occur, consumers can contact the bank for compensation.

Or Seek Assistance from FIDReC for Mediation or Filing a Lawsuit

“If the bank cannot resolve the consumer’s complaint and the claim amount is below SG$100,000, the consumer can seek mediation from the Financial Industry Disputes Resolution Centre (FIDReC) in Singapore. If FIDReC is unable to mediate the dispute or if the amount is over SG$100,000, the consumer can consider suing the bank,” added Nicolas.

But Senior Lawyer Lam Kuet Keng believes that due to the contract terms between the consumer and the bank and the varying conditions of each case, whether a claim or lawsuit can be filed depends on if there is a clause in the contract that allows the consumer to claim compensation.

“Clauses like ‘The bank cannot be liable for problems beyond their scope of control’ are very common since the bankruptcy of Lehman Brothers (investment bank) in 2008.”

Hold on to The Evidence of Your Losses If You Decide to File a Lawsuit

Nicolas advised that consumers who want to file a claim for compensation or take the bank to court should keep evidence of their losses and prove that the losses in question arose because they were unable to access the service system.

But he again noted that a legal battle with a bank can be extremely expensive, time-consuming, and difficult, and should be the last resort.

On the other hand, Lawyer Zeng Rongtai from Chen Jiceng Law Firm suggested that if many consumers have indeed suffered financial losses, they can take a class action lawsuit to save costs.

But he also added that since the service disruption occurred only very recently, no losses have so far been reported, and their law firm has not received any related enquiries either.

Original article: https://www.8world.com/singapore/lawyers-comment-about-bank-disruption-case-1656911

 

文: 陈明耀
发布: 26/11/2021 00:56
8视界新闻网

星展银行和储蓄银行数码服务本周故障长达两天,无法进行转账等多项服务。受访律师说若用户因此蒙受亏损,可联络银行索偿或考虑集体诉讼,但由于上庭费金费力,除非是无法调解或涉及金额很大,否则应是最后选择。

星展银行的数码服务自星期一(23日)起便出现故障,一直到昨天(25日)才陆续恢复。尽管许多用户在网上大吐苦水,但目前没听闻有用户因此而蒙受巨大财务损失。

一般可能出现的情况包括因无法支付账单或偿还款项,导致被罚款或违约,或因无法使用平台,造成投资亏损等。

合盛律师事务所董事经理董智豪律师接受《8视界新闻网》访问时指出,若出现上述情况,用户可联络银行索取赔偿。

或向FIDReC寻求调解或提告

“如果银行无法解决客户的问题,且索赔款项在10万元以内,客户可以向新加坡金融业争议调解中心(FIDReC)寻求调解。”董智豪也说,如果FIDReC无法调解,或金额超过10万元,客户可考虑起诉银行。

不过资深律师蓝国庆认为,客户和银行之间存在合约条款,基于各情况不同,相关索偿或起诉事宜得看合约里是否存在允许客户索赔的条款。

“如果是不能控制的问题,一般上银行就不会负责,这种条款在2008年雷曼兄弟(投资银行)破产后很常见。”

若要提告 要保留损失证据

董智豪说,若寻求索赔或将银行告上庭,客户应该保留损失的证据,并证明相关损失是因为他们无法进入平台而产生的。

不过他提醒,跟银行闹上法庭是费时费力费金钱,应该是最后选项。

陈及曾律师馆的曾荣泰律师则建议,如果许多客户出现金钱损失,可以采取集体诉讼来节省一些成本。

他也说,由于服务中断问题发生才不久,目前未听闻有人因此而蒙亏,律师楼至今也没接到相关询问。

原文:https://www.8world.com/singapore/lawyers-comment-about-bank-disruption-case-1656911

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