Singapore Banks to Launch “Lock” Feature for Accounts to Combat Scams

SINGAPORE: To enhance security against scams, three major banks in Singapore—DBS, UOB, and OCBC—will introduce a new feature allowing customers to “lock” funds in their accounts, preventing unauthorized digital transfers. Set to roll out by the end of November, these anti-fraud measures are designed to offer an additional layer of financial protection for bank customers.

The feature, in development since June 2022, enables customers to lock specific amounts in a designated account. DBS’s version, known as “digiVault,” will operate like a virtual safe, locking funds to block digital transfers unless specific unlocking procedures are followed. For instance, customers may need to visit a branch in person with identification to access their locked funds. DBS is also exploring other unlocking options, with further details expected soon.

OCBC and UOB are planning similar features, allowing customers to select deposit amounts to lock, which will be safeguarded from digital transactions. Unlike DBS’s setup, OCBC’s unlock process involves visiting an ATM and verifying identity, a step intended to prevent unauthorized access even if a scammer gains control over a customer’s phone.

These upcoming features add to the banks’ existing security protocols, including app-based security settings, payment alerts, and fraud detection tools. A UOB representative highlighted that the deposit-locking function offers customers more control over their funds and reduces risks from phishing and malware attacks.

By enabling customers to secure their funds proactively, Singapore’s leading banks aim to create a safer environment for online banking. This initiative underscores their commitment to safeguarding clients’ financial assets while maintaining a streamlined user experience.