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...
Major banks are turning to the “money lock” feature to make it harder for fraudsters to siphon money.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.
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dubbed digiVault, will let customers lock up their savings digitally in a designated account from which funds cannot be withdrawn. The bank is exploring other options for customers to unlock the vault, which will be announced in November. "Hence, a robust and secure measure to unlock the ring-fenced funds must be in place, which may inevitably introduce friction in banking."
The measure was first reported by ST in February during an interview with UOB head of group risk management Frankie Phua, who said that the bank was exploring a way for customers to set aside savings that cannot be withdrawn digitally. The "money lock" feature is another line of defence adopted by banks which, between August and September, also launched an anti-malware security measure to restrict access to online banking apps if a suspicious app is detected on the user's device.
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