Banks said they are using the feature to promote younger customers to keep their money safer on social media.
” Especially for the age group 30 years and above, we carry out very precise communication. It’s essential that they plan their finances properly, keeping their finances enough for expenses”, said Mr Dennis Lee, head of danger and elimination at OCBC.
” The discounts that they build up along the way for emergency use, for example, for their first house, marriage, or their dreams, if they keep them locked away from time to time so that they stay protected on an ongoing base,” they wrote.
MORE BANKS UNVEILING FEATURE
Customers will continue to receive the same interest rates regardless of whether their funds are locked up or not, according to Maybank, which is considering rolling out the security feature in June.
Customers will be able to lock funds in their current and savings accounts via internet banking and mobile banking, similar to other banks.
Even if a scammer reaches a user’s digital account, money cannot be transferred thanks to the feature.
While the money lock is an industry-wide scam prevention measure to protect customers, Maybank Singapore’s head of community financial services Adam Tan said it is just one of many safeguards banks are constantly putting in place to stay ahead of bad actors.
” Scams are ever evolving. They wo n’t end simply because our money lock feature exists. He added that we have additional security measures to stop victims from being targeted by scams.
Other measures include anti-malware protection for mobile banking applications as well as a “kill switch” that stops internet banking access in cases where accounts are suspected to have been compromised and immediately freezes accounts.
Later this year, HSBC and Standard Chartered announced the introduction of their money lock feature.