SINGAPORE: People in Singapore have set aside close to S$15.8 billion (US$11.7 billion) in savings out of the reach of potential scammers through a security feature offered by banks here.
The amount, as of end-October, is up 76 per cent from the S$9 billion sum kept separately for protection under the “money lock” feature as of the end of July.
More than 181,000 customers have used the “money lock” option as of Oct 31, about a year after it was introduced, the Monetary Authority of Singapore (MAS) said.
This feature, available at seven major retail banks, prevents locked funds from being transferred out, even if a scammer gains digital access to the account.
Currently, DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered Bank provide this security feature, MAS said.
“With this, the vast majority of the retail depositor base in Singapore is now able to utilise Money Lock for greater assurance,” a spokesperson said.
“Other retail banks have rolled out or are progressively looking to roll out Money Lock in the coming year.”
