DBS extends self-managed money lock feature to all accounts

CUSTOMERS of DBS and POSB at the moment are capable of lock up a portion of their funds inside present accounts utilizing DBS’ cash lock operate often known as digiVault, which was beforehand obtainable solely in a individually created account.

The lender’s transfer comes weeks after its January announcement that it will prolong the function to different sorts of accounts and merchandise, together with present financial institution accounts.

On Friday (Feb 23), DBS mentioned over one million of its clients have used its self-managed safety features (*see modification be aware) together with digiVault. It goals to double this quantity over the subsequent 12 months.

A digiVault account allows clients to lock their funds digitally in a delegated account to stop digital transfers out.

With the brand new extension, clients might select how a lot of their funds to lock up – on prime of the present choice to create a separate digiVault account, the place locked-up funds are segregated from their different financial savings.

They can also proceed to lock their mounted deposits to stop untimely fund withdrawals and digital modifications to maturity directions.

Those with present accounts might request to lock up funds by digibot, which may be accessed by DBS’ digiVault web page or digibank on-line. Upon authentication, they could count on their request to be processed inside two enterprise days earlier than receiving an e-mail from the financial institution to substantiate that the funds are locked up.

Similar to unlocking a separate digiVault account, clients who want to entry locked-up funds in an present account might want to personally go to a DBS/POSB department to confirm their identification earlier than they will withdraw or switch the funds.

Jeremy Soo, DBS’ managing director and head of shopper banking group for Singapore, mentioned: “With this enhancement, we are empowering customers with more choice and control over how they secure their funds.”

The lender mentioned it’s also “intensifying its anti-scam public education efforts to raise awareness of the latest scams and fraud”.

This contains increasing its digital literacy and anti-scam workshops to extra neighbourhoods, in addition to exploring new codecs to “better engage the community on important anti-scam content”. 

Amendment be aware: An earlier model of this story mentioned over one million DBS clients have used the financial institution’s digiVault function, when the determine referred to utilization of its self-managed safety features generally.