With the number of financial scams on the rise, banks have rolled out a feature enabling their customers to “lock” their money via the Money Lock Feature, barring the funds from being used, withdrawn, or transferred online. Some banks–notably OCBC– took the extra step to not allow funds to be unlocked via their apps.
This comes after a series of phishing scams rocked one of Singapore's largest banks by assets, leading for rules on clickable links and transfer notifications to be revised. Default fund transfer values were made even smaller at just S$200.
Locked money also cannot be withdrawn or transferred via the online banking portal or through ATMs. Unlocking can only be done via ATM with a physical card, or via visiting a physical branch.
Over $4b locked up
The extra friction may be the “harshest” yet in terms of accessibility, but if reception was any indication, Singaporeans are more than willing to take on the extra friction for protection.Just three months into its launch, the feature has been activated by 38,000 accounts in Singapore, with a total value S$3.2b locked up, according to data gathered by the Association of Banks in Singapore (ABS).
This story is from the Issue 108 edition of Singapore Business Review.
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This story is from the Issue 108 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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