It is the latest measure adopted by banks to make it harder for fraudsters to siphon money. Read more at straitstimes.com.
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dubbed digiVault, will let customers lock up their savings digitally in a designated account from which funds cannot be withdrawn.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.”
Singapore Latest News, Singapore Headlines
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