How can I “lock” my bill for a predetermined deposit?
DBS, OCBC, and UOB unveiled their money-locking capabilities for clients in November to protect them from fraud.
Customers can plug their money using an app or online banking, and bank branches are the only places where it can be unlocked in person. Users of OCBC can also use ATMs to accomplish this.
DBS
Customers can online lock their cash in a designated account using DBS’s digiVault feature, which prevents funds from being transferred out of the account.
They must go to a DBS or POSB unit to confirm their identity in order to access the funds in the tomb. The money may get transferred to their DBS or POSB account once it has been verified. It will also be necessary to close the vault accounts at a tree.
Buyers of DBS have the choice to switch their fixed loan accounts as well. When locked, it stops any rash online withdrawals or modifications to maturity requirements.
According to DBS,” this lowers the risk of cybercriminals prematurely withdrawing fixed payment funds digitally, if they gain illegal access to customers ‘ phones and accounts.”
The company’s website has a digibot that can be used by those who want to. They will be asked to provide proof of their demand.
They must go to a bank branch in order to uncover the set deposit.
OCBC
Customers of OCBC can use the Money Lock feature, which can be turned on through the software or online banking, to switch their money.
Users can lock up money in combinations of S$ 10, with the maximum amount being the bank account’s available stability and the least being$10.
Just at OCBC ATMs or when customers go to a bank branch is resources remain unlocked.
Beaver Tan, the company’s group financial crime compliance head for anti-fraud, responded to questions from CNA by saying that by the second quarter of 2024, fixed deposits will be included in its Cash Lock security feature.
Consumers can now reserve money from their account balances that cannot be transferred online, according to him.
Even if their bank account password certificates end up in the wrong hands, Mr. Chua said,” It empowers our customers to take command of their money, limiting their risk coverage.”
UOB
Customers of UOB can create new LockAway accounts that forbid outgoing transfers and online payments.
Buyers must visit UOB bank branches and confirm their identity in order to get their locked-up funds.
On the company’s site, app, or at its branches, LockAway accounts may be accessed online.
UOB fixed deposits can only be quickly withdrawn in person by the customer at the bank branches; website withdrawals are not permitted.
The lender has “progressively introduced different security handles and measures,” according to a UOB director, to protect against the rising number of fraud cases reported in Singapore.
These include SMS alerts when new payees are added and an improved protection feature to obstruct online banking when risky or unauthorized apps are found.