TODAY-Oct 6
As a further step to guard against rising scam cases, Singapore’s three local banks will soon allow their customers to set aside and “lock up” a certain amount of funds that cannot be transferred out of one’s account digitally. DBS, OCBC and UOB told CNA that they will be rolling out their own versions of a “money lock” by next month.
The concept of a “money lock” has been studied by the banking industry to guard against rising scam cases, said Minister of State for Trade and Industry Alvin Tan in Parliament last month. Such a feature will allow banking customers to set aside a certain amount in their accounts that “cannot be digitally transferred out without strict authentication measures”. “This will further help to limit losses against scams,” he said in response to an adjournment motion on measures to protect banking customers against scams. In a press release on Friday (Oct 6), DBS announced the upcoming roll-out of a new banking account — called digiVault — that will adopt a “digitally in, only physically out” approach. This means that customers will be able to make fund transfers digitally into this new account, but not for outgoing transactions.
With customers’ funds being unable to be accessed digitally, the new digiVault will help to prevent scammers who gain unauthorised access to customers’ phones and accounts from performing fraudulent digital transactions, DBS said. Read more at: https://www.todayonline.com/singapore/singapore-banks-allow-customers-lock-funds-latest-move-guard-against-scams-2275851
