UOB, OCBC and DBS customers can 'lock up' funds in anti-scam move

UOB, OCBC Bank and DBS Bank customers can lock up funds in their bank accounts starting this week, to block the money from any digital transaction.

- Osmond Chia

 

The feature, which will allow money locked up to be withdrawn only in person, will be launched by UOB and OCBC on Nov 30. DBS will progressively roll out its take on the security measure between Nov 27 and Dec 7.

The “money lock” feature is designed to prevent fraudsters from siphoning money out of a hacked account.

The measure is being introduced amid a rise in scam cases in 2023, including malware scams that enable fraudsters to take control of victims’ devices and empty their bank accounts.

UOB and OCBC said in separate statements that users can lock funds via the banks’ digital apps or websites, and the money held in the account will continue to accrue interest.

UOB’s take on the feature, called LockAway Account, will not require a minimum initial deposit or balance. For security, existing cards cannot be linked to the account.

Users can still check their balances and deposit funds into the locked account digitally, it said.

“The enhanced account security better protects customers against digital threats, and protects them from reacting impulsively to scammer demands,” said UOB.