Scam cases have been on the rise recently, involving individuals losing large sums of money from their bank accounts.
To combat such scams, local banks DBS, OCBC, and UOB will introduce a new security feature by the end of next month.
Source: DBS
The security feature comes in the form of a special digital account that only allows the physical transfer of funds out.
In a press release on 6 Oct, DBS/POSB announced that it will be launching digiVault by the end of November 2023.
Even though digiVault is a digital account, it adopts a “digitally in, only physically out” approach.
In other words, users can only transfer funds into the account digitally but not out of it.
To withdraw money, they would have to verify their identity at one of the bank’s physical branches.
They may do so by showing proof of their identity, such as their passport or identity cards, reported The Straits Times (ST).
DBS explained that digiVault will prevent fraudulent digital transactions even if scammers have access to users’ phones and accounts.
OCBC and UOB will also reportedly be rolling out their own versions of digiVault by the end of November 2023.
An OCBC spokesperson told MS News that the bank will be implementing a “money lock” feature on its digital banking app.
To gain access to funds, customers would have to “perform the unlocking function on a different platform than the OCBC Digital app”. One such example is at physical OCBC ATMs islandwide.
UOB also confirmed that they will be implementing a similar money lock. The feature will allow customers to ringfence funds from “digital transfers or intrusions”.
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Featured image adapted from DBS, OCBC & UOB.
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