SINGAPORE: Standard Chartered Bank announced on Monday (Mar 17) a revamp of its MyWay savings account to include a digital scam insurance policy and higher interest rates.
The MyWay savings account is available for those aged 55 and above.
The Digital Scam Protection Insurance, underwritten by MSIG, will protect funds of up to S$50,000 (US$37,474) from unauthorised electronic money transfers arising from phishing and malware scams.
Authorised payment scams, including love scams, investment scams and impersonation scams, are not covered.
MSIG will also “cover any reasonable and necessary costs” incurred by account holders if they take legal action against the scammers, based on a frequently-asked-questions list on the website.
Noting that seniors may be more vulnerable to increasingly sophisticated digital scams, Standard Chartered said the revamped savings account hopes to provide customers with “peace of mind alongside financial growth”.
The digital scam insurance will be free for the first year. This makes MyWay the first retail savings product in Singapore to include a complimentary digital scam insurance, the bank said.
“We continuously assess the needs of our customers and may extend or enhance coverage based on its impact and reception,” said Mr Usman Khalid, the bank’s global and Singapore head for deposits, mortgages and payments.
Account holders are able to access existing anti-scam features such as kill switch and “money lock” as additional protection. Activating the latter will not impact the applicable tiered interest rates.
Mr Khalid said the bank will explore expanding the scam insurance to other savings products in future.
