New security feature to let bank customers lock up savings for in-person access only

Major banks DBS, OCBC and UOB are introducing a security feature which allows users to block digital transactions on their accounts, in efforts to curb hacking and fraud. The ‘money lock’ system means funds can only be moved in person at ATMs or branches. Over 750 people in Singapore lost over $10m to malware scams in H1 2023.