DBS/POSB cardholders to get real-time control over security access to protect against fraud

DBS has ramped up payments security for its 3.6 million debit and credit card holders with new features that give customers real-time control over their card accounts through the digital banking app, as part of efforts by the bank to curb fraudulent transactions.

This move comes amid rising fraud cases seen here in the past year, with peers OCBC and UOB also stepping up to combat crime and protect customers.

On Friday, DBS said that principal cardholders will be able to manage access and stipulate spend limits on their own cards, as well as on their supplementary cards. In addition, customers will receive instant alerts whenever a transaction is blocked due to pre-set controls.

Among the new measures put in place by the bank is the ability to enable and disable online e-commerce transactions on both local and overseas websites, which offers an additional layer of protection against unauthorised transactions and potential fraud.

Cardholders can also activate and deactivate usage for face to face overseas transactions, as well as switch off and on the ability to make contactless card and mobile wallet payments at local and overseas merchants.

While contactless card and mobile contactless payments are some of Singapore's most preferred payment methods, customers will now have the choice of disabling these functions according to their payment preferences, said DBS.

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Customers will also be allowed to enable and disenable cash advance transactions on credit cards, which comes in handy for customers when they accidentally use a credit card, instead of an ATM card, to withdraw cash. This saves them from incurring a transaction fee for each cash advance transaction, said DBS

Cardholders can also choose to set a monthly spend limit that is lower than their credit limit, which is especially useful for principal cardholders to manage their supplementary card accounts.

Another measure that DBS unveiled on Friday is the ability to lock or unlock their cards instantly through the digital banking app, enabling customers to guard against unauthorised usage should the cards go missing.

The new temporary lock feature for cards can be initiated by customers by logging into their DBS/POSB digital bank app, making it a much quicker option than calling the bank's customer service hotline to report a loss and having the cards blocked, with a new one to be issued within three working days.

Should customers eventually locate their "missing" cards, they can then unlock the card for immediate use. This also offers protection for customers who may wish to lock specific cards that are used infrequently.

On top of these new measures, the bank is also tapping into its partnerships with industry partners such as Mastercard and Visa, to drive payments security advancements so as to stay ahead of fraudsters. This includes developing new payments security protocols, such as 3D-Secure 2.0, which will enable DBS to deploy advanced algorithms and data models in the future for intelligent fraud detection.

Anthony Seow, head of Payments and Platforms, DBS Bank, said: "The new self-managed card payment control features serve as multiple locks that cardholders can choose to activate in order to block unauthorised transactions.

"They add to the existing data analytics tools, as well as monitoring and surveillance systems that form our multi-layered defence to effectively screen, thwart and deter fraudulent activities."

Local banks OCBC and UOB have also introduced more security measures for cardholders over the years to combat fraud.

Jacquelyn Tan, head of Group Personal Financial Services, UOB noted that its customers have been able to block their card temporarily or permanently using its mobile app UOB Mighty since August 2021.

"This self-service feature is instant and gives our customers peace of mind as they search for their misplaced credit or debit card," she said.

UOB customers can also unblock their card when they have found it or request for a card replacement through UOB Mighty.

"These latest features are part of our continual efforts to make banking simpler, safer and smarter for our customers," added Ms Tan.

As for OCBC, a spokesperson said: "Since 2020, we enabled our customers to instantly lock their cards, report a missing card, change their spending limit, set text alerts for transactions and highlight any unauthorised transactions via OCBC Digital mobile banking app."

This provides customers with more control over their card security, and they can also play a proactive role in safeguarding their payment cards, added the spokesperson.

Together with global payments network partners, OCBC has also deployed an anti-fraud monitoring system to further reduce the occurrence of unauthorised transactions, added the bank.