CUSTOMERS of DBS and POSB are now able to lock up a portion of their funds within existing accounts using DBS’ money lock function known as digiVault, which was previously available only in a separately created account.
The lender’s move comes weeks after its January announcement that it would extend the feature to other types of accounts and products, including existing bank accounts.
On Friday (Feb 23), DBS said over a million of its customers have used its self-managed security features (*see amendment note) including digiVault. It aims to double this number over the next 12 months.
A digiVault account enables customers to lock their funds digitally in a designated account to prevent digital transfers out.
With the new extension, customers may choose how much of their funds to lock up – on top of the existing option to create a separate digiVault account, where locked-up funds are segregated from their other savings.
They may also continue to lock their fixed deposits to prevent premature fund withdrawals and digital changes to maturity instructions.
Those with existing accounts may request to lock up funds through digibot, which can be accessed through DBS’ digiVault page or digibank online. Upon authentication, they may expect their request to be processed within two business days before receiving an e-mail from the bank to confirm that the funds are locked up.
Similar to unlocking a separate digiVault account, customers who wish to access locked-up funds in an existing account will need to personally visit a DBS/POSB branch to verify their identity before they can withdraw or transfer the funds.
Jeremy Soo, DBS’ managing director and head of consumer banking group for Singapore, said: “With this enhancement, we are empowering customers with more choice and control over how they secure their funds.”
The lender said it is also “intensifying its anti-scam public education efforts to raise awareness of the latest scams and fraud”.
This includes expanding its digital literacy and anti-scam workshops to more neighbourhoods, as well as exploring new formats to “better engage the community on important anti-scam content”.
Amendment note: An earlier version of this story said over a million DBS customers have used the bank’s digiVault feature, when the figure referred to usage of its self-managed security features in general.
