Singapore banks bolster cybersecurity with new digital safety features

SINGAPORE – In response to the rising threat of financial scams, which have cost Singaporeans over $330 million in losses within half a year, local banks have introduced advanced security measures to protect customers’ funds. DBS Bank has initiated the rollout of its “digiVault” service, designed to shield against unauthorized digital transactions and secure fixed deposits from online threats. The full user access for this service is expected by December 7, 2023.

Following suit, United Overseas Bank (OTC:) (UOB) launched its “LockAway Account” on Thursday, which offers customers the ability to accrue interest on locked funds without the need for a minimum initial deposit or existing card links. OCBC Bank has also stepped up, activating its “Money Lock” service that enables clients to safeguard their accounts while still earning bonus interest. This feature does not require the opening of new accounts and will be fully accessible at all OCBC ATMs island-wide by December 31, 2023. Until then, it is available at branch ATMs and for international clients through a Secured Mailbox, which includes strict identity verification by customer service representatives.

The new services are a direct response to the significant impact of malware scams in Singapore, affecting at least 750 victims with losses exceeding $10 million. These initiatives underscore the importance of customer vigilance in tandem with institutional measures to combat fraud. OCBC’s anti-fraud head Beaver Chua and UOB’s Frankie Phua have both emphasized that while these banking innovations provide additional layers of security, customers must remain alert and cautious with their personal information and banking activities.

Funds secured through OCBC’s Money Lock are not available for daily banking operations like payments or transfers unless physically unlocked at an ATM or branch with proper authentication procedures. This ensures an added layer of protection against cyber threats, aiming to provide customers with peace of mind when managing their finances digitally.

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