“Card down, ATM also down. Walao. How to make payment?”
On October 14, 2023, DBS/POSB Bank experienced a sudden service disruption at 4:37 PM, affecting mobile and internet banking, as well as ATMs. We’ve all been there – faced with a situation where we can’t use our cards or access cash when we need it the most.
This year, it is already the second outage of DBS. People are no longer carrying cash around nowadays. As we depend on digital money, smoother transactions are a priority for us in this fast-paced life.
The disruption was caused by a third-party data center issue, illustrating the interconnectedness of modern banking systems. The bank swiftly switched to a backup data center with the expectation of normalcy by 7 PM.
To ensure transaction prioritisation during service recovery, the bank provided updates indicating progress, with ATMs back in action, although some digital services still had disruptions. They committed to prioritising the processing of interrupted transactions.
DBS/POSB Bank identified Equinix as the data center provider responsible for the disruption and stressed its ripple effect, impacting other organisations like Citibank. Throughout the disruption, both DBS/POSB and Citibank consistently requested patience from customers, provided regular updates, and appreciated their understanding.
Are you scared now?
Don’t be! There are ways to prevent such incidents from affecting you. Diversifying your financial accounts, like having a traditional bank for the main account, an online bank for savings, and a reliable digital wallet for daily transactions, is a smart way to enhance financial resilience. This strategy minimises inconvenience during service disruptions by providing alternative access points to funds and safeguards financial well-being by reducing the risk of complete account lockouts due to a singular issue. It’s a practical step to ensure our money stays accessible and secure, even amidst occasional bumps in the digital road.