StanChart offers digital scam protection under revamped savings account

Standard Chartered Bank is offering free insurance coverage for digital theft of funds under a revamped savings account for its older customers.

- Sheila Chiang

Holders of the MyWay savings account, which is for customers aged 55 and above, will get covered for up to $50,000 on their deposit balances if their account suffers losses due to unauthorised electronic transfer of money arising from phishing and malware scams. Authorised payment scams, like love scams, investment scams and impersonation scams, are not covered.

The free insurance coverage will be effective from March 17, 2025, to March 16, 2026, the bank said.

"We continually assess the needs of our customers and may extend or enhance coverage based on its impact and reception," said Mr Usman Khalid, global and Singapore head for deposits, mortgages and payments at Standard Chartered.

On why the offering is specifically for those aged 55 and above, the bank told The Straits Times: "We have a range of deposits and wealth solutions to support our clients at different life stages. MyWay is tailored for clients 55 years and above looking to grow and safeguard their retirement savings."