Feature activated for 78,000 accounts as part of efforts to mitigate losses from digital scams
By mid-2024, several major retail banks will join DBS, OCBC, and UOB in offering the “money lock” feature, which allows customers to secure their funds to prevent digital transfers in case of compromised accounts. The feature, launched in November 2023, has already been activated for over 78,000 accounts in Singapore, with more than S$6.6 billion in savings set aside by March 2024.
The initiative is especially popular among those aged 50 and above, who make up 44% of users, with those between 30 and 50 years old comprising 41% of adopters. While the money lock feature is optional, local banks will continue efforts to raise awareness and encourage broader use across various demographic groups.
In addition, the government plans to implement a Shared Responsibility Framework (SRF) to address phishing scams later this year. This framework follows a public consultation and aims to ensure fair responsibility sharing for scam losses. The Singapore government is also studying the approaches of other countries, including the UK and Australia, to better combat evolving scams.
