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DBS, UOB and OCBC to allow customers to lock-up funds amid rising scam cases

Khairani Afifi Noordin
·2-min read

Customers can lock up funds in their bank accounts to safeguard against unauthorised transfers and malware scams.

DBS D05, UOB U11 and OCBC o39 have launched features allowing customers to lock up funds in their bank accounts to safeguard against unauthorised transfers and malware scams.

This is amid rising scam cases reported in the city-state.

DBS and POSB have launched digiVault, which will be progressively rolled out to customers from Nov 27 onwards. It will be available to all customers by Dec 7.

With digiVault, customers can lock up their money digitally in a designated account, from which funds cannot be digitally transferred out. To access the funds in digiVault, customers will need to personally visit a branch and verify their identities.

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In addition to digiVault, customers can lock up their fixed deposits, preventing premature digital fund withdrawals or changes to maturity instructions.

From Nov 27 to Feb 29, 2024, customers who open and deposit money into a digiVault account can earn an additional 1.80% per annum interest on their average daily balance in digiVault, given as a lump sum cash gift at the end of the promotional period.

Separately, UOB has introduced LockAway Account, which will be rolled out from Nov 30. Customers can only access their locked up funds at bank branches, although the bank is evaluating ATM withdrawals depending on customer feedback.

There will not be a minimum initial deposit or balance requirement for LockAway Account. However, no cheque book will be issued and existing cards cannot be linked to the account.

OCBC Singapore customers also can access the OCBC Money Lock feature from Nov 30. The feature will be available to all new and existing OCBC current and savings accounts.

Customers in Singapore can unlock their funds at OCBC branches or OCBC ATMs located at the branches from Nov 30 onwards. This will be expanded to all OCBC ATMs island-wide by the end of December 2023.

Those residing overseas can unlock funds by submitting a request via the Secured Mailbox in the OCBC Digital app or Internet Banking.

 

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