In late 2021, a series of phishing scams rocked one of Singapore’s largest banks by assets, changing the way banks do business. Clickable links were promptly removed from messages. Transfer notifications were made available for transactions as low as S$0.01. Limits were put in place, and default fund transfer values were made even smaller at just S$200.
Over two years later, banks in the Lion City rolled out the simplest and strictest of all defence measures: the money lock feature. Launched in November 2023, it was as straightforward as its name suggests, enabling bank customers to lock funds in their bank accounts. For OCBC in particular, funds can be locked via its app, but cannot be unlocked the same way.
Locked money also cannot be withdrawn or transferred via the online banking portal or through ATMs. Unlocking can only be done via ATMwith a physical card, or via visiting a physical branch.
Over $4b locked up
The extra friction may be the “harshest” yet in terms of accessibility, but if reception was any indication, Singaporeans are more than willing to take on the extra friction for protection.
هذه القصة مأخوذة من طبعة Issue 114 من Asian Banking & Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة Issue 114 من Asian Banking & Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Embedded Finance, Digital Banks To Drive SEA's Fintechs
Embedded finance, partnerships, and digital banks will be the three defining trends shaping Southeast Asia’s financial technology (fintech) landscape in the future.
UBC Aims For Top 5 In Sri Lanka Banking
Chairman Nirvana Chaudhary is prepared to lead amidst a national finance crisis.
What Makes Malaysia The Next Great Investment Banking Frontier In Southeast Asia?
EVs, takaful insurance, and its proximity to Singapore attract investment activity, according to a BofA executive.
How HomePay Is Combating Renovation Scams In Singapore
Money is put in an escrow account and disbursed when milestones are reached.
Will Property Woes Continue To Weigh On Chinese Megabanks?
This year, Chinese megabanks are facing two big hurdles: the government’s mandate that may force banks to take on more risks in the name of propping up China’s embattled property sector; and declining credit demand and interest rates.
How Have Banks' Wealth Management Pivots Played Out In China?
There’s up to $25b in fees to be made in Asia, but it’s a tough market, an analyst said.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access 'locked' money with a physical card or by visiting a branch.
OCBC builds the the next pipeline of talent
Lim weaves in support for women bankers to broader industry talent shortage.
Banks flip the tables on disruption by becoming the disruptors themselves
Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.
Basel III capital hike is not a problem for APAC
Most of banking jurisdictions in most Asia Pacific markets should be able to absorb the moderate increases in capital requirements stipulated under the final Basel III standards.
