OCBC introduces innovative Money Lock feature to boost security against scams

Digital Reinvention
01/12/2023 News

OCBC has launched the Money Lock anti-scam security feature, providing enhanced protection for 2 million Singapore customers against unauthorized transfers. This proactive defense against malware and phishing scams allows customers to lock funds in their existing OCBC bank accounts, restricting digital usage and movement. Locked funds cannot be used for various transactions, including transfers, payments, and investments.

The Money Lock feature adds a robust layer of security without affecting interest earned on account balances. Customers can conveniently lock funds through the OCBC Digital app or Internet Banking, ensuring a secure process. To unlock funds, customers must visit OCBC ATMs or branches, preventing scammers from easily gaining access.

OCBC Money Lock does not require customers to open new accounts, and the locked funds contribute to interest calculations. The feature offers a fast and easy process, allowing users to decide the locked amount in multiples of S$10, with a minimum lock of S$10.

Beaver Chua, OCBC’s Head of Anti-Fraud, emphasized the importance of innovative security measures in the face of evolving scam techniques. Money Lock complements existing security measures, adding an extra layer of protection against unauthorized access and fund transfers.

Customers can unlock funds at OCBC ATMs or branches, ensuring a stringent authentication process. For overseas customers, unlocking can be done through a secure request submitted via the OCBC Digital app or Internet Banking.

OCBC customer Marie Fernandes, a previous victim of a social media impersonation scam, expressed appreciation for the new Money Lock feature. She highlighted the comfort it brings, likening it to using a physical safe to secure funds and providing peace of mind against potential scams.

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