DBS/POSB, UOB, and OCBC, three of Singapore’s major banks, have introduced a new security feature that allows customers to ‘lock up’ their money in accounts, preventing online withdrawals or transfers. This measure is part of a broader initiative to combat digital financial scams.
DBS/POSB’s digiVault and Fixed Deposit Lock
DBS/POSB’s new digiVault feature enables customers to store their funds in a designated account with the security of a physical vault. Accessing or transferring funds from the digiVault requires a personal visit to a DBS/POSB branch for identity verification. Similarly, customers can now lock their fixed deposits, which adds an extra layer of security against unauthorized digital withdrawals.
UOB’s LockAway Account
UOB’s LockAway account offers a similar money lock-up feature, which is accessible digitally via the bank’s website or app, or at physical branches. This account secures funds from all online transactions, and customers can only access their locked-up funds by visiting a UOB branch with proper identification.
OCBC’s Money Lock Feature
OCBC’s Money Lock feature, applicable to both new and existing current and savings accounts, allows customers to lock funds, thus safeguarding them from unauthorized digital transactions. The unlock process for these funds can be conducted at OCBC branches or ATMs, with plans to expand this feature to all OCBC ATMs by the end of December 2023.
These initiatives by Singapore’s major banks represent a significant step in enhancing digital security and protecting customers from the increasing threat of online financial scams.
Also learn about State Bank of India’s Yono Global App Launch in Singapore and Singapore Banks Introduce “Money Lock” to Combat Rising Scams.
