SINGAPORE: DBS is extending its digiVault protection to all accounts, allowing customers to "lock up" funds in their existing accounts.

The feature, launched last November, enables customers to lock their funds digitally in a designated account, from which funds cannot be digitally transferred out.

Existing DBS and POSB customers who wish to utilise the digiVault feature no longer have to open a designated account to do so. OCBC introduced its Money Lock feature last November, which similarly allows customers to lock funds without opening a new bank account.

"With this extension, customers have more flexibility in choosing how they secure their funds – in a separate new digiVault account where locked-up funds are segregated from their other savings, or by locking a portion in their existing accounts," DBS said on Friday (Feb 23).

The bank added its latest move is part of efforts to encourage more customers to use its suite of self-managed security features to safeguard themselves against scams.

Customers also have the option to "lock up" fixed deposit accounts. Once locked, this prevents any premature digital withdrawals or changes to maturity instructions. 

“To ensure that we address customers’ needs and preferences, we constantly review and enhance our security features,” said Mr Jeremy Soo, managing director and head of DBS’ consumer banking group.

He added that while some customers “appreciate having a separate digiVault account, others may prefer to lock up their funds in an existing account while continuing to enjoy the interest rates offered across our various savings propositions”.

“With this enhancement, we are empowering customers with more choice and control over how they secure their funds.” 

Customers who "lock up" their funds in existing accounts will still be able to earn interest rates offered across the bank's various savings propositions, including DBS Multiplier and POSB Save As You Earn.

According to DBS, more than a million customers have used these security features and the bank aims to double this number over the next 12 months by continuing to enhance its security features and intensifying anti-scam education.

Other security measures offfered by DBS include security checkup, which takes customers through a curated checklist of key security actions, and payment controls, which enables customers to manage important payment settings, like instantly locking their card if suspected to be compromised. 

HOW TO "LOCK UP" FUNDS IN EXISTING ACCOUNT

Customers seeking to "lock up" funds in an existing account can request to do so through digibot, which is accessible via the bank’s digiVault page or digibank online.

After launching digibot, they will need to enter “lock my savings”, following which they will be prompted to authenticate the request.

Once the request has been processed, usually within two business days, customers will receive an email from the bank to inform them that their funds have been successfully locked up.

Just like a separate digiVault account, customers can only access these secured funds by personally visiting a DBS or POSB branch and verify their identity.

Calling customer education “paramount” to strengthening collective defence against scams, DBS said it is intensifying its anti-scam public education efforts to raise awareness of the latest scams and fraud, alongside its suite of security measures.

Efforts include expanding its digital literacy and anti-scam workshops to more neighbourhoods and exploring new formats to better engage the community on anti-scam content.