DBS to roll out money lock feature on existing bank accounts
IN THE coming weeks, DBS will be extending its money lock feature – aimed at mitigating scam losses – to other types of accounts and products, including existing bank accounts.
Customers of DBS will be able to enable the digiVault function on their existing bank accounts, without needing to open a separate account, said head of consumer banking group (Singapore) Jeremy Soo.
“To ensure that we continue to address customers’ needs amid the evolving landscape, we constantly review how to enhance our security features,” Soo said.
Currently, customers who wish to use the money lock function at DBS are required to open a separate digiVault account. Alternatively, they can choose to lock their single-name fixed deposit accounts.
The added feature comes as uptake of the money lock function gains popularity in Singapore amid the rising prevalence of scams. Locked funds cannot be digitally used or moved, and require physical verification to be unlocked.
As at Jan 22, the money lock feature has been activated for some 47,000 Singapore bank accounts, accounting for S$3.8 billion in savings, said the Association of Banks in Singapore.
OCBC on Thursday (Jan 25) said more than 30,000 of its customers have used the money lock feature on more than 33,000 accounts, with over S$3.3 billion in savings locked up.
OCBC plans to roll out the feature to its time or fixed deposit accounts from Jan 31, 2024, on top of its current offering. At the moment, its customers can lock the money in their existing accounts via online banking or its mobile app.
Meanwhile, UOB customers will need to open UOB LockAway Accounts to access the money lock function.
DBS’ Soo said the bank will continue to enhance its outreach efforts to drive awareness and adoption of digiVault, along with other security controls such as Security Checkup and Payment Controls.
He noted that since launching Security Checkup last September, half a million customers have used it to monitor key security settings within the DBS and POSB digibank platforms, and take the recommended actions to further safeguard their accounts.
