Forum: Banks exploring ‘money lock’ feature to protect against malware scams
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We thank Mr Foo Jong Liat for his letter “ Set cap for daily transfers that bank customers can do digitally
Banks in Singapore have put in place a daily default transaction limit of $5,000 since June 2022, and are currently exploring a “money lock” feature that allows customers to specify, for instance, exactly how much money is intended to be used digitally, and make this very difficult to change.
Careful design and testing is required to make sure that banks can cater for individuals who need to make a large, urgent payment and can only do so digitally – for example, emergency needs when overseas – and protect customers against social engineering techniques used by scammers.
Combating scams, whether digital or otherwise, requires the effort and cooperation of everyone – banks, other ecosystem players and also customers.
Banks in Singapore have implemented and are implementing various measures to protect consumers from malware scams. Public awareness and staying vigilant are key.
We are committed to working together with all stakeholders to uphold the trust and confidence in digital banking.
Ong-Ang Ai Boon
Director
The Association of Banks in Singapore
