Maybank Singapore has launched the Money Lock feature, adding a layer of security to protect customers’ funds. This new feature allows customers to “lock” their savings, preventing digital transfers if unauthorised access is detected.
Customers can set aside a chosen amount from their savings and current accounts, including local and foreign currencies, using Maybank2u Online Banking, the Maybank2u SG (Lite) app, or by visiting Maybank branches and selected ATMs.
Funds secured with Money Lock will continue to accrue interest at prevailing rates.
Maybank has also implemented other security measures, such as restricting online banking access when potential malware risks are detected and enabling the “Kill Switch” function for customers to freeze their online banking access if they suspect fraudulent activity.
Frontline staff are trained to spot scam indicators, successfully preventing customers from losing over S$1 million through these interventions since last year.
For added security, customers must visit Maybank branches and selected ATMs for in-person withdrawals to unlock their funds.
Adam Tan, Head of Community Financial Services at Maybank said,
“With the rise in scams and more sophisticated scam ruses, we need to continually step up our anti-scam banking measures such as the Money Lock feature to safeguard our customers’ hard- earned savings against scammers.
As customers can decide the amount to be set aside to ensure cash liquidity for emergency needs, they will have the additional peace of mind that their monies cannot be transferred out of their accounts digitally through the Money Lock.”
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.
