UOB, OCBC and DBS Bank customers can soon lock up the money in their bank accounts to stop any digital transactions in an anti-scam move.

UOB and OCBC will roll out the feature on Nov. 30.

DBS Bank will progressively implement its security measure between Nov. 27 and Dec. 7.

This money locking system comes in the wake of numerous cases involving bank accounts being compromised by fraudsters, including malware scams that take control of victims’ devices and bank accounts.

The concept of locking up money was studied by the banking industry in response to rising number of scams and was already discussed in Parliament in 2023.

How money locking service works

UOB's LockAway Account

UOB's feature is called LockAway Account.

It will not require a minimum initial deposit of balance and existing cards cannot be linked to the account.

Customers cannot withdraw locked money in these UOB accounts from ATMs.

UOB said the enhanced feature protects customers from reacting impulsively to scammer demands.

Users can lock funds via the banks’ digital app or website, without affecting the ability of the money in the account to accrue interest, which also applies to OCBC's feature.

OCBC's Money Lock

OCBC's system is called Money Lock.

OCBC customers, on the other hand, will be able to retrieve locked savings from a bank ATM using their debit or credit card and personal identification number (PIN).

OCBC advised customers to lock only excess funds that they will not use in the foreseeable future.

They will also need to have at least S$10 in their accounts to use the security feature.

OCBC said its feature is a "much-needed safeguard".

DBS Bank's digiVault

DBS Bank's take on the feature is called digiVault and will go live by Dec. 7

It can be set up within a minute under the “more” tab in the digibank app.

There is no minimum balance requirement.

The bank will also allow customers to lock up their fixed deposit accounts from Nov. 27.

Once locked, it will prevent any premature digital fund transactions or changes to the fund’s maturity date to be made online.

MAS statement

The Monetary Authority of Singapore said it welcomes the swift roll out of "money lock" initiatives.

"The latest measures complement the banks’ enlarged suite of anti-scam measures that have been progressively implemented since 2022 to combat scams," MAS said.

"By locking away a portion of their funds from internet access, customers can limit the funds that may be lost to scammers, whether because of malware and phishing, or through impulsive transfers made under pressure."

"Once implemented, customers can only access their locked-up funds via a separate channel, such as at the banks’ branches, after their identities have been verified by banks’ staff. While less convenient for customers, “money lock” limits the damage that scammers can cause in a short period of time."

Top photo via Google Maps