MariBank is rolling out new safeguards to protect customers’ cards, with phishing scams stripping at least S$59.4 million from victims last year as tactics grow more sophisticated.

The bank has introduced an in-app verification step that follows the SMS one-time password.

Customers must explicitly confirm any attempt to link their card to a digital wallet, making it harder for scammers to misuse stolen details for unauthorised transactions.

A second feature, Money Lock, lets customers set aside part of their savings so the funds cannot be withdrawn without extra checks, even if an account is compromised.

Unlocking requires SingPass Face Verification and a 12-hour cooling period, with additional verification in some cases.

Money placed in Money Lock continues to earn interest at the prevailing Mari Savings Account rate.

According to police data, fraudsters often use fake e-commerce sites or phishing links to trick victims into handing over card details and OTPs.

These are then used to attach cards to digital wallets and make fraudulent payments.

MariBank, wholly owned by Sea Limited and licensed by the Monetary Authority of Singapore, said the measures were developed in collaboration with authorities.

Natalia Goh, CEO of MariBank, said,

“At MariBank, protecting our customers’ hard-earned money is our top priority. These new safeguards, developed in close collaboration with authorities, reflect our commitment to staying one step ahead of bad actors.

We will continue to innovate and build features that give our customers greater peace of mind when banking digitally.”

Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik