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DBS/POSB brings new anti-scam features to empower customers funds security

By Gloria Mathias

November 28, 2023

  • Anti - Money Laundering
  • assistance
  • Authentication

DBS Bank, Anti-Money laundering, digiVault, POSB, Singapore, Fintech, Digital Fraud, Digital Scams, Bank Fraud, Payments, Money scams, DBS/POSB has launched digiVault, which will be progressively rolled out for DBS/POSB customers. digiVault enables customers to lock up their money digitally in a designated account, from which funds cannot be digitally transferred out.

In addition to digiVault, all customers can choose to lock up their fixed deposits, preventing premature digital fund withdrawals or changes to maturity instructions for enhanced security. This feature enables them to have peace of mind knowing that their fixed deposits are securely locked up. Like digiVault, customers will have to personally visit a DBS/POSB branch and verify their identity in order to unlock their fixed deposits.

With this new option to lock their fixed deposits, customers reduce the risk of scammers prematurely withdrawing their fixed deposit funds digitally should they gain unauthorised access to customers’ phones and accounts.

Han Kwee Juan, DBS Singapore Country Head and Acting Chief Information Officer said, “Empowering customers to protect themselves remains a key focus, which is why we are continuously fortifying our suite of self-managed security controls and anti-scam education efforts. The introduction of these two new options, allowing customers to lock up their savings and/or fixed deposits, complements existing security features and provides customers with more choice and control over the security of their funds.”

From November 27, 2023, the bank will be running a special launch promotion to encourage customers to try out digiVault. digiVault is akin to a virtual safe deposit box in a vault, a simple concept that is easy to understand and adopt.

To access digiVault funds, customers will need to visit a DBS/POSB branch in person, where they will be required to verify their identity. Once they have successfully verified their identity at the branch, the branch staff will assist them in transferring funds from their digiVault to their existing DBS/POSB account. The closing of a digiVault account will also need to be done at a DBS/POSB branch.

The new options to lock up customers’ funds complement the bank’s existing self-managed security tools and are part of DBS/POSB’s broader anti-scam efforts, which comprise customer education, fraud surveillance, authentication, assistance, and recovery, as well as a goodwill framework.

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