More than 61,000 Singaporean bank accounts have utilised the “Money Lock” feature since its launch in November 2023, with over S$5.4 billion set aside for protection against digital theft.
Alvin Tan, Minister of State for the Ministry of Trade and Industry and the Ministry of Culture, Community and Youth, as well as a board member of the Monetary Authority of Singapore (MAS), shared this update during a recent parliament sitting.
Money Lock, now available across all three major local banks namely DBS, OCBC, and UOB, enables customers to secure a portion of their bank funds by preventing digital transfers, thereby enhancing security against online frauds.
To date, the effectiveness of Money Lock as a security measure is evident, as there have been no reported incidents of fraud involving Money Lock funds. Efforts to refine the feature continue, aiming to simplify its use and increase accessibility.
DBS Bank now allows customers to apply Money Lock to their existing accounts, avoiding the need for multiple accounts. This ensures that funds designated as non-transferable still accrue interest at the standard rate, preserving customer benefits.
The initiative’s future includes broader adoption, with MAS and associated banks planning to expand Money Lock availability to additional retail banks by mid-2024.
Alvin Tan
Tan added,
“MAS will work with the banks to continue to encourage customers to adopt Money Lock and monitor its effectiveness. The majority of scams involve individuals transferring their money willingly due to social engineering or deception.
There are even cases where individuals insist on transferring their money in spite of intervention by bank staff. These are authorised transactions. The defence against such scams is for everyone to be vigilant and sceptical of anyone asking for money to be transferred to them, whether for a relationship, a job or an investment.”
Featured image credit: Edited from Freepik
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- Source: https://fintechnews.sg/89545/security/over-61000-singaporeans-utilise-money-lock-safeguarding-over-s5-4-billion/
