Singapore Banks Having Another New Measure to Guard Against Malware Scams

By
Goh Yi Ling
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Scams are everywhere and on the rise nowadays.

Apart from being vigilant as consumers, banks have also tried to innovate to find new ways to protect their customers’ hard-earned money.

For example, some banks’ mobile apps will not work properly if there are sideloaded apps downloaded on the same phone.

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Now, DBS, OCBC and UOB are rolling out a new measure, a “money lock”, for their customers.

Here is what the “money lock” is about.

Banks in Singapore Roll Out New Anti-scam Measure

Here’s some good news if you are fretting about falling prey to a scam and draining your bank account.

Some banks in Singapore will be rolling out a “money lock” soon to protect their customers.

DBS, OCBC and UOB, three of the prominent banks in Singapore, revealed to Channel News Asia that they will each be releasing their own version of the “money lock” soon.

The idea of a “money lock” is to have customers set aside a sum which is “locked up” and cannot be digitally transferred out of one’s account.

This would help protect consumers who download malware or other viruses and have their bank account remotely drained by scammers.

The timeline for the release of these “money locks” is next month.

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The Concept of “Money Lock” Was Mentioned in Parliament

This concept of a “money lock” is not a new one.

It was floated in parliament last month by Minister of State for Trade and Industry Alvin Tan, who said that this initiative could help to “limit losses against scams”.

This is indeed a pressing issue, given the number of people who have fallen prey to scams this year.

This Is How the “Money Lock” Works for DBS, OCBC AND UOB

For DBS, the “money lock” comes in the form of a new banking account called digiVault, where consumers can digitally transfer money into the account.

However, they can only physically transfer money out from the account after verifying their identity in person, such as using their IC or passport.

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OCBC told Channel News Asia that they would offer consumers the option to “ringfence an amount from their account balances that cannot be digitally transferred out” by next month.

To access the ringfenced funds, the customer will have to perform the unlocking function on a platform other than the app.

For UOB, they shared with Channel News Asia that they are currently studying the concept and will roll out their version of this protection by November.

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Goh Yi Ling
Email: [email protected]