SINGAPORE: In an effort to protect their customers from falling victim to scams, three major Singaporean banks – DBS, UOB, and OCBC – are set to launch innovative anti-fraud measures next month. These measures will empower customers to “lock” a portion of their deposits in designated accounts, preventing unauthorized digital transfers and ensuring their financial security.

The development of these features has been in the works since June 2022. All three banks are set to release their own versions of the function by the end of November.

DBS Bank announced on Friday (6 Oct) that its new “digiVault” account will function as a virtual safe, allowing customers to lock their deposits, thus prohibiting digital transfers. To unlock these funds, customers will be required to follow specific bank-defined procedures and verify their identity.

One such method involves visiting a bank branch in person and presenting their NRIC or passport. The bank is also exploring additional unlocking options, with details to be disclosed next month.

See also  Netizens accuse S’porean streamer Kiaraakitty of love scam involvement in leaked phone call

DBS’ digiVault accounts will complement the bank’s existing security measures, including mobile application detection dashboards, security switches, payment function settings, and transaction notifications. This multi-layered approach aims to fortify the bank’s defences against fraudulent activities.

OCBC and UOB have yet to reveal the name of their money lock functions, but the release of both versions is set to take place around the same time.

Like DBS, OCBC customers can decide how much of their deposits they wish to “lock.” This amount will then be shielded from digital transfers, mitigating potential losses in case of a scam.

However, unlocking these funds will require visiting an ATM and verifying one’s identity rather than using the mobile app. This added step, though inconvenient, is designed to safeguard customer deposits, particularly in scenarios where scammers gain access to a customer’s phone through phishing or malware attacks.

Confirming that their version of the deposit-locking function is also under development, a spokesperson for UOB emphasized that this measure is instrumental in limiting risks for customers, offering a layer of protection for their finances. T

See also  Temasek issues warning against scammers using its name in China

The innovative anti-fraud measures introduced by these banks are set to give customers the confidence to continue using online banking services without fear of significant financial loss in case of a scam. All three banks have pledged to strike a balance between safeguarding their clients’ interests and preserving the user experience.