GXS Bank launches ‘Money Lock’ to protect savings from scams

By Vriti Gothi

GXS Bank has launched of Money Lock, an innovative security feature within its mobile banking app, designed to provide customers with enhanced protection against financial scams amid the growing incidence of fraud in Singapore.

The new capability enables customers to secure their savings by locking funds within up to eight individual Saving Pockets, activated seamlessly via in-app settings. Once enabled, the lock is applied instantly, ensuring customers retain full control over their deposits while reducing exposure to fraudulent withdrawals.

The introduction of Money Lock comes at a critical time, with scams on the rise across the country. Figures from the Singapore Police Force highlight that more than $39 million was lost to scams in June 2025 alone, with over 600 cases linked to fraudulent e-commerce listings on social media platforms requiring advance payments.

Money Lock has been designed to balance robust security with customer convenience. While locked, funds continue to accrue daily interest and remain fully insured up to $74,000 per depositor—under the Singapore Deposit Insurance Corporation Limited. Customers also retain the ability to continue depositing funds into their locked Saving Pockets.

To unlock savings, customers must undergo a video verification call with a GXS Buddy, a trained customer support officer equipped to identify potential fraud indicators. Following successful verification, an additional safeguard is built into the process: account holders are notified by email, and a mandatory 12-hour cooling-off period is imposed before funds can be accessed. During this window, customers who suspect unauthorised activity may intervene to stop the request.

The Money Lock feature underscores GXS Bank’s commitment to embedding customer safety at the core of its digital banking ecosystem. By integrating advanced fraud prevention measures into everyday banking functions, GXS is setting new standards in customer protection and reinforcing trust in digital financial services.

As scams become increasingly sophisticated, GXS Bank’s Money Lock represents a timely, forward-looking initiative that safeguards customers’ wealth while supporting broader financial resilience across Singapore’s digital economy.