SINGAPORE – As of February, over S$5.4 billion (US$4 billion) has been safeguarded across more than 61,000 bank accounts in Singapore using an innovative “money lock” feature, revealed Alvin Tan, Minister of State for Trade and Industry, on Thursday (Feb 29).
Introduced in November last year by local banks, this feature aims to combat scams by enabling customers to secure their funds, preventing digital transfers. Locked funds can only be accessed in person at bank branches or via ATMs.
Speaking in Parliament, Mr. Tan stated that this feature would be extended to other major retail banks in Singapore by mid-year. Local banks have continuously refined their “money lock” services since its launch.
DBS, for instance, has expanded its digiVault feature to all accounts, allowing customers to lock funds without the need to open a separate account. Similarly, OCBC has enabled this functionality since last November. Meanwhile, UOB still requires customers to open new accounts for its “money lock” feature but is considering extending this to existing accounts.
Secure your financial future with the “money lock” feature and stay alert to protect your hard-earned assets.
Mr. Tan, who also serves on the Monetary Authority of Singapore (MAS) board, assured that banks would continue simplifying the use of “money lock” based on customer feedback and industry-wide implementation experiences.
To date, no reports of phishing or malware scams have involved funds protected by the “money lock” feature. MAS is actively collaborating with banks to encourage customers to adopt this tool and to monitor its overall effectiveness.
However, Mr. Tan noted that most scams still involve authorized transactions, where individuals willingly transfer money to scammers under the guise of relationships, jobs, or investments. He urged the public to remain vigilant and skeptical of any requests for money transfers.
