SINGAPORE – A new security feature that allows bank customers to block their savings from digital transactions will be rolled out by major banks DBS, OCBC and UOB by the end of November.
Once locked in, the money cannot be transferred through digital means, but can be moved only in person at an ATM or at a branch, depending on the bank.
The “money lock” feature is the latest measure adopted by banks to make it harder for fraudsters to siphon money out of a hacked account. This comes as scams continue to plague the nation, with more than 750 victims losing at least $10 million in total after falling prey to malware scams in the first half of 2023.
DBS Bank’s take on the feature, dubbed digiVault, will let customers lock up their savings digitally in a designated account from which funds cannot be withdrawn.
Setting up the vault will take less than 30 seconds, and there is no limit to the amount that can be deposited, a DBS spokesman said in reply to queries from The Straits Times.
Customers will be able to withdraw their savings in person at the bank’s branches, where they will be asked to show proof of identity, like their passport or identity card, said the…
