DBS Bank is stepping up its fraud prevention efforts with the launch of a new “Mobile wallets” control in its DBS/POSB digibank app. The feature, rolling out in mid-May, is designed to prevent scammers from adding phished card details to mobile wallets for unauthorized use.
A deliberate pause to fight fraud
The “Mobile wallets” toggle, found within the app’s Payment Controls section, is switched off by default. Customers must manually activate the setting to add their card to a digital wallet—introducing a deliberate pause in the process. DBS says this intentional friction gives users a chance to confirm their actions and protect against misuse.
The move follows a surge in mobile wallet phishing, where stolen card credentials are digitally embedded into scammers’ devices. According to the Singapore Police Force, over 650 such cases were reported in late 2024, with estimated losses exceeding SGD 1.2 million.
Part of a broader security strategy
This update is the latest in DBS’ growing portfolio of self-managed security tools. Since 2021, the bank has rolled out features like digiVault (a digital money lock), real-time payment controls, and an anti-malware tool for Android. The latter detects risky behaviors such as screen mirroring or USB debugging that may expose users to remote access attacks.
DBS is also collaborating with local authorities—including the Cyber Security Agency and the Monetary Authority of Singapore—to strengthen its anti-scam ecosystem. This includes real-time fraud surveillance, embedded fraud specialists at the Anti-Scam Centre, and community education initiatives.
Community engagement and education
In 2024 alone, DBS held over 300 workshops and events to promote digital literacy and scam awareness, reaching 90,000 Singaporeans. These efforts continue in 2025 with local POSB carnivals and getai performances that teach residents how to use tools like Payment Controls and digiVault.
“Joint vigilance with our customers is essential,” said Calvin Ong, DBS Head of Consumer Banking Singapore. “This new feature empowers users to verify intent and adds another layer of control.”