pstrongCustomers can only access ‘locked’ money with a physical card or by visiting a branch. /strong/p pIn 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.
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.
Locked money also cannot be withdrawn or transferred via the online banking portal or through ATMs. Unlocking can only be done via ATM — and requires a physical card — or via visiting a physical branch.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.
Banks have all taken different approaches on how or where to apply the feature. OCBC, for example, launched the service in their time deposit accounts apart from just their digital and internet banking apps. In February 2024, OCBC’s total value locked up had already surpassed that reported for the whole industry just a month earlier: at $4.7b in value across 42,000 OCBC accounts.
“They also recognise that the unique features of the account, such as the withdrawal of locked-up funds only at branches, are effective in keeping their hard-earned monies safe,” saidBanks were mum on whether the money luck feature would become a mandatory requirement for all customers in the future. Instead, representatives said that they will continue to encourage their customers to adopt money lock and roll out other security features.
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