Stop Scams podcast: Banking industry studying ‘money lock’ which customers can use to secure savings

Singapore News News

Stop Scams podcast: Banking industry studying ‘money lock’ which customers can use to secure savings
Singapore Latest News,Singapore Headlines
  • 📰 straits_times
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 69%

Since 2016, victims in Singapore have lost more than $1 billion. Read more at straitstimes.com.

SINGAPORE – Banking customers may soon be able to keep their savings safer with a “money lock” which allows them to voluntarily set aside a certain amount which cannot be digitally transferred out.

When asked how soon the “money lock” can be implemented, Mr Phua said the industry has studied this feature in detail and he hopes that some banks will be able to roll it out in one form or another. Unauthorised scams occur when customers unwittingly provide their banking credentials to the scammers, who then use those details to log into the victim’s account to make unauthorised transfers.

He said: “We use what we call a Spot framework. We sense that something is wrong, we probe , we observe how they react and then we take action.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

straits_times /  🏆 5. in SG

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ukraine tells Hungary 'anti-Ukrainian rhetoric' must stopUkraine tells Hungary 'anti-Ukrainian rhetoric' must stopMove follows remarks describing Ukraine as a no man’s land and comparing it to Afghanistan. Read more at straitstimes.com.
Read more »

Pamela Anderson's son wished she 'made money' off Tommy Lee sex tapePamela Anderson's son wished she 'made money' off Tommy Lee sex tapeThe son of Pamela Anderson, Brandon, wished that his mother made money off the Tommy Lee sex tape. Brandon Thomas Lee, son of the Baywatch star also said he
Read more »

Woman sued S$3m for rejecting man is countersuing for money spent protecting herself from himWoman sued S$3m for rejecting man is countersuing for money spent protecting herself from himMs Nora Tan Shu Mei is seeking at least about $1,480 from Mr K Kawshigan, for expenses she incurred in keeping herself safe from him.
Read more »

Need new tanks quickly, don’t care about the money, says Germany’s PistoriusNeed new tanks quickly, don’t care about the money, says Germany’s PistoriusGermany needs to quickly order new Leopard tanks to replace those going to Ukraine, he says. Read more at straitstimes.com.
Read more »

10 services that save women time: 'Wardrobe editing’, an app that does almost everything and more10 services that save women time: 'Wardrobe editing’, an app that does almost everything and moreAll these services also save you energy and some, even money.
Read more »

Teenage girl helped foreign scam syndicates to funnel about $600k, got paid around $1kTeenage girl helped foreign scam syndicates to funnel about $600k, got paid around $1kAn 18-year-old girl on Monday admitted to her role in a money laundering operation that was connected to phishing scams, with the teenager and several others helping to funnel about $600,000 through bank accounts they had helped to obtain. Read more at stomp.straitstimes.com
Read more »



Render Time: 2025-02-18 23:39:19