The main banks in Singapore, DBS, OCBC, and UOB, have announced the introduction of account locking services to reduce the risk of customers falling victim to various scams, including those involving fraudulent money transfer apps. The common approach is for customers to keep a portion of their funds locked and only withdraw them in person from the branches, without the ability to use the mobile banking app for this purpose.
DBS offers a service called digiVault, which is available for personal deposit accounts. Customers can lock their accounts through the mobile app, but once locked, they can only unlock them in person at the branch. An added benefit is that DBS provides additional interest rates for digiVault accounts.
UOB has introduced a new account type called LockAway, which can be opened through the mobile app. This account cannot be linked to a debit card or used for online withdrawals, but customers can still monitor their deposits and withdrawals through the app.
OCBC has introduced a service called Money Lock, which has the advantage of not requiring customers to open a separate account. Instead, customers can set a specific amount to be locked within their existing account. Once locked, withdrawals cannot be made below the locked amount. However, customers still have the option to unlock the amount through ATMs or branches. One of the benefits of this integrated approach is that customers can still enjoy promotional offers such as bonus interest rates while their money remains in the same account.
TLDR: Singapore’s main banks, DBS, OCBC, and UOB, have launched account locking services to combat fraud. DBS offers digiVault, which allows customers to lock funds and requires in-person withdrawals. UOB’s LockAway account cannot be linked to cards or used for online withdrawals. OCBC’s Money Lock feature allows customers to set locked amounts within existing accounts, with the ability to unlock at ATMs or branches.
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