Singapore's leading banks—UOB, OCBC, and DBS—are introducing a new "money lock" feature that allows customers to secure funds in their accounts from a
Singapore’s leading banks—UOB, OCBC, and DBS—are introducing a new “money lock” feature that allows customers to secure funds in their accounts from any digital transactions, starting this week. UOB and OCBC will launch the feature on November 30, with DBS rolling out its version between November 27 and December 7.
This security feature enables customers to shield their savings from online scams, with funds only accessible for in-person withdrawals. This move addresses the rising concerns of scams targeting digital accounts, especially recent cases involving malware that allowed fraudsters to control and empty victims’ bank accounts.
The “money lock” feature can be set up through each bank’s app or website, and customers’ funds continue to accrue interest while protected. Each bank’s approach varies slightly:
UOB’s “LockAway Account”: Customers can check balances and deposit funds digitally, but ATM withdrawals for locked funds are not available. Future access via ATMs is being considered based on customer feedback.
OCBC’s “Money Lock”: Customers can retrieve locked funds from ATMs using their debit or credit card PIN. OCBC recommends securing only surplus funds for extended periods.
DBS’s “digiVault”: Available in the digibank app by December 7, it allows users to create a new, digitally secure account with no minimum balance requirement.
The Monetary Authority of Singapore (MAS) supports this initiative, noting that it offers an effective, although slightly less convenient, method for customers to protect funds. Locking funds also limits losses from potential scams while enabling straightforward access for users when needed.
COMMENTS