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Locked money also cannot be withdrawn or transferred via the online banking portal or through ATMs.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.
This story is from the Issue 114 edition of Asian Banking & Finance.
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This story is from the Issue 114 edition of Asian Banking & Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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