Standard Chartered Bank updated its MyWay savings account on Monday ( Mar 17 ) with higher interest rates and a digital scam insurance policy.
Those over 55 can access the MyWay saving accounts.
Up to S$ 50, 000 ( US$ 37, 474 ) will be protected by the Digital Scam Protection Insurance provided by MSIG against fraudulent electronic money transfers made through phishing and malware scams.
Authorized payment scams, such as love scams, purchase scams, and imitation scams, are not covered by the law.
Based on a frequently asked-questions list on the website, MSIG will also” include any reasonable and necessary fees” incurred by account buyers if they file legal actions against the scammers.
Standard Chartered said the revamped saving account hope to offer customers “peace of brain alongside economic development” by noting that seniors may be more prone to more complex online scams.
The first year of the free online scam insurance is available. According to the lender, MyWay is the first financial savings item in Singapore to include a complimentary online scam coverage.
” We constantly consider the needs of our customers and may expand or increase coverage in response to its effect and response,” said Mr. Usman Khalid, the company’s global and Singapore mind for payments, mortgages, and obligations.
As more security, account holders can obtain already-existing anti-scam features like “money lock” and “kill switch.” The relevant tiered interest rates will not be affected by activating the latter.
Mr. Khalid stated that the lender will look into adding the scam insurance to another savings products in the future.