The three Singapore banks are launching new features to allow customers to secure their accounts against online scams by locking them for digital transactions, underlining an important focus on bank account security measures.
In an effort to protect their customers’ savings, United Overseas Bank (UOB), Oversea-Chinese Banking Corporation (OCBC), and DBS Bank have introduced innovative bank account security measures.
UOB’s feature, dubbed LockAway Account, is a new account that offers the user a high level of security. It works by not linking any existing cards to the account and it excludes the ability to withdraw locked money from ATMs, a significant deviation from conventional account features. UOB said the money locking feature protects customers from reacting impulsively to scammer demands.
OCBC, on the other hand, offers a feature called Money Lock. While online transactions are blocked, customers are able to retrieve their locked savings from a bank ATM using their debit or credit card and personal identification number (PIN).
DBS Bank brings to the table its digital-centric feature called digiVault that can be set up within a minute via the DBS Digibank application. It allows not just regular savings, but also fixed deposit accounts to be locked. Upon activation, it will prevent any premature digital fund transactions or changes to the fixed deposit’s maturity date to be made online.
These initiatives are welcomed by the Monetary Authority of Singapore (MAS), who sees them as appropriate compliments to the existing suite of anti-scam measures offered by the banks.
Customers looking to make the best use of these features should consider the amount of money they typically transact online and lock away funds that are not immediately needed.
The unlocking process, while an extra step for the user, is concurrent with the scheme’s purpose – to deter unauthorized digital transactions.
The launch of these locking features by UOB, OCBC, and DBS Bank underscores the seriousness of online banking threats and amplifies the importance of constant innovation in bank account safety measures.
