DBS and POSB has announced the expansion of its digiVault protection to all customer accounts, providing users with the option to securely lock funds in their existing accounts. This initiative is aimed at bolstering self-managed security in response to the increasing prevalence of financial scams.

Introduced in November last year, digiVault initially allowed customers to digitally lock funds in a separate account to prevent unauthorised digital transfers. The recent extension offers greater flexibility, enabling customers to also lock a portion of their funds in their existing accounts without the need to open a new one.

Additionally, customers can continue to lock their fixed deposits, preventing premature funds withdrawals or changes to maturity instructions digitally for enhanced security.

Apart from digiVault, the bank provides other security measures like the ‘Security Checkup’ and ‘Payment Controls’, which guide customers through essential security actions and manage payment settings, respectively. These features are part of DBS/POSB’s comprehensive strategy to encourage proactive account security management among its customers.

Locking up funds can be easily requested through the bank’s digibot on the digiVault page or digibank online. Customers must authenticate their request, with the process typically completed within two business days, followed by a confirmation email from the bank.

To access or modify locked funds, customers are required to visit a DBS/POSB branch in person for identity verification, mirroring the process for a separate digiVault account.

The bank reports that over a million customers have already utilised its security features to enhance protection against scams. With the aim of doubling this figure within the next year, DBS/POSB is committed to advancing its security capabilities and ramping up efforts to educate the public on scam prevention.

In light of the sophisticated tactics employed by scammers, DBS/POSB has made efforts to enhance public awareness include expanding digital literacy and anti-scam workshops, as well as a partnership with the Cyber Security Agency of Singapore to introduce an anti-scam quiz focused on increasing scam awareness among seniors.

Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank said,

“To ensure that we address customers’ needs and preferences, we constantly review and enhance our security features. While some customers appreciate having a separate digiVault account, others may prefer to lock up their funds in an existing account while continuing to enjoy the interest rates offered across our various savings propositions. With this enhancement, we are empowering customers with more choice and control over how they secure their funds.”

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• Source: https://fintechnews.sg/89215/security/dbs-expands-its-money-lock-feature-digivault-to-all-accounts/