SINGAPORE: People in Singapore have set aside close to S$ 15.8 billion ( US$ 11.7 billion ) in savings out of the reach of potential scammers through a security feature offered by banks here.
The number, as of end-October, is up 76 per cent from the S$ 9 billion total kept separately for shelter under the “money switch” have as of the end of July.  ,
More than 181, 000 customers have used the “money lock” option as of Oct 31, about a year after it was introduced, the Monetary Authority of Singapore ( MAS ) said.  ,
Even if a scam gains online exposure to the profile, the element, which is available at seven of the biggest financial bankers, prevents locked funds from being withdrawn.
Now, DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered Bank provide this safety function, MAS said.  ,
The majority of the financial creditor foundation in Singapore is now ready to use Money Lock for greater assurance with this, according to a spokesperson.
” Different retail businesses have rolled out or are gradually looking to move out Money Lock in the upcoming time.”