Money Lock Safeguarded S$6.6B Across Over 78,000 Singapore Accounts

Money Lock Safeguarded S$6.6B Across Over 78,000 Singapore Accounts

by April 2, 2024

Since the launch of the Money Lock feature by three local banks – OCBC, DBS, and UOB – in November, over 78,000 accounts have been established with more than S$6.6 billion of savings securely set aside as of March 2024.

This initiative, aimed at providing customers with enhanced protection against digital scams, allows individuals to block online access to a portion of their funds.

Alvin Tan, Minister of State for Trade and Industry, and for Culture, Community and Youth, and a board member of the Monetary Authority of Singapore (MAS), shared these figures in a response to a parliamentary question.

The question sought to inquire about the future of the Shared Responsibility Framework (SRF) for tackling phishing scams, the adoption rates of the Money Lock feature among different age groups, and whether MAS intends to mandate this security measure across all banking institutions.

The government is currently reviewing feedback from a public consultation that ended on 20 December 2023, before finalising the SRF. This framework is expected to be implemented later in the year, following a comprehensive review of the suggestions received.

Regarding the adoption of Money Lock, data shows significant interest across various age groups. Customers aged 50 and above account for 44% of the users, those between 30 and 50 years make up 41%, and younger customers under 30 represent 15%.

Furthermore, Tan noted that more major retail banks are set to introduce Money Lock by mid-2024, ensuring that a vast majority of retail depositors will have the option to protect their funds.

Despite the positive reception and increasing availability of Money Lock, MAS has no current plans to make it compulsory for all banking institutions.