Singapore banks to allow customers to 'lock up' funds in latest move to guard against scams
Channel NewsAsia - Commentary·2023-10-06 22:03
SINGAPORE: As a further step to guard against rising scam cases, Singapore’s three local banks will soon allow their customers to set aside and “lock up” a certain amount of funds that cannot be transferred out of one’s account digitally.
DBS, OCBC and UOB told CNA that they will be rolling out their own versions of a “money lock” by next month.
……Read full article on Channel NewsAsia - Commentary
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Right or Wrong 09/10/2023
why dun u let customers to decide whether they wish to use back the old but safe way to use the phyiscal token with this token, only access is you have to press the obtain the OTP in order to transfer your $$ is toublesome but safer than using the phone apps that will get infected wif the malware 😎
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TT571203 09/10/2023
The old way is still the best buy issuing cheques manually or tt. It takes some period for the money to transfer over.
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TT571203 09/10/2023
Good morning everyone, 大家好,how you upgrade or implement any prevents applications, the scammers are able to catch up. Don't forget, some scammers are technology expertise.
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u'llnvrwalkalone 08/10/2023
I opined that removing the physical token is a grave mistake made by the financial institution for all digital banking users because scammers will not be able to transfer funds out of one bank account even though they have full access of the phone. Physical token (VPN) still the reliable mode of protection. Why need digivault?
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Blund 09/10/2023
I think this is a good move 赞
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