OCBC Bank in Singapore is set to launch a new security feature, ‘OCBC Money Lock’, starting from 30 November 2023, aimed at enhancing protection for its 2 million customers against unauthorised financial transactions. This initiative comes as a response to the increasing sophistication of malware and phishing scams.

With OCBC Money Lock, customers can opt to lock funds in their existing accounts, preventing these funds from being digitally transferred or used for various transactions.

This encompasses local and overseas transfers, new or existing payment arrangements including standing instructions or future-dated transfers, bill or credit card payments, fixed deposits or investments, insurance payments, loan or tax repayments, as well as ATM withdrawals  or transfers.

This feature is available for both new and existing OCBC current and savings accounts, without the need to open a new account.

The locked funds will continue to accrue interest, as the interest calculation will include both locked and unlocked funds in the account.

This ensures that customers do not lose out on potential earnings, especially for those using accounts like the OCBC 360 Account which offers bonus interest for certain banking activities.

The process of locking funds is designed to be straightforward and can be done through the OCBC Digital app or internet banking.

Customers can choose the amount they wish to lock, with the minimum being S$10 and the maximum limited to the available account balance.

To maintain security, unlocking funds cannot be performed digitally. Customers must visit an OCBC ATM or branch to unlock their funds, requiring physical authentication with an ATM, debit, or credit card, and their PIN.

This offline process is intended to add an extra layer of security, preventing scammers from accessing locked funds even if they have unauthorised access to a customer’s banking credentials or mobile device. By the end of December 2023, all OCBC ATMs island-wide will support the unlocking feature.

For customers residing overseas, unlocking can be requested through the Secured Mailbox feature in the OCBC Digital app or Internet Banking, followed by a verification process to confirm the customer’s identity.

Beaver Chua, Head of Anti-Fraud, Group Financial Crime Compliance at OCBC said,

“OCBC Money Lock is a much-needed safeguard that hampers scammers from quickly gaining access and transferring out an unwitting customer’s monies.

Customers will have added peace of mind knowing their hard-earned monies are ‘locked up’ and will be safe, even if their mobile devices or bank account login credentials fall into the wrong hands.”

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• Source: https://fintechnews.sg/81130/security/ocbc-to-launch-money-lock-that-restricts-digital-access-to-locked-funds/