Maybank Singapore has launched its Money Lock feature to add an extra layer of security to protect customers’ funds. The new feature allows customers to “lock” their savings, preventing digital transfers if unauthorized access is detected.
Customers can deposit the amount of their choice from their savings and current accounts, including local and foreign currencies, using Maybank2u online banking, the Maybank2u SG (Lite) app or by visiting any Maybank branch or designated ATM.
Funds protected by Money Lock will continue to accrue interest at the current rate.
Maybank We also implement other security measures, such as restricting access to online banking if a potential malware risk is detected and activating a “kill switch” feature that freezes customers’ access to online banking if fraudulent activity is suspected.
Frontline staff are trained to spot the signs of fraud and have successfully prevented customers from losing more than S$1 million through such interventions since last year.
Due to increased security, customers will need to visit a Maybank branch or designated ATM to withdraw funds in person.
Adam Tan
Maybank head of community financial services Adam Tan said:
“With an increase in fraud and more sophisticated scam methods, we must continue to strengthen our banking fraud prevention measures, such as our Money Lock feature, to protect our customers’ hard-earned savings from fraudsters.”
“Customers can decide how much they want to set aside to ensure cash liquidity in case of emergencies, and have the added peace of mind that funds will never be digitally transferred out of their account through MoneyLock.”
Since then, launch Three local banks – OCBC, DBS and UOB – introduced the Money Lock feature in November, with over 78,000 accounts opened as of March 2024, safekeeping more than S$6.6 billion in savings.
