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Maybank Singapore Launches “Money Lock” for Scam Protection
Maybank Singapore launched a new feature called Money Lock to help protect customers from scams. This feature lets you lock your savings in your checking or savings accounts, including both local and foreign currencies. You can lock your money through Maybank2u online banking, the Maybank2u SG (Lite) app, or by visiting a Maybank branch or using a designated ATM. Even though your money is locked, it will still earn interest at the current rates.
Maybank also offers other security features like blocking online banking access if they detect suspicious activity and a “Kill Switch” function that lets you freeze your online banking if you think you’ve been scammed. Their staff is also trained to identify scams and have helped prevent customers from losing over S$1 million since last year.
To unlock your money, you must visit a Maybank branch or use a designated ATM for an extra layer of security.
Adam Tan, Head of Community Financial Services at Maybank said,
“With the rise in scams and more sophisticated scam ruses, we need to continually step up our anti-scam banking measures such as the Money Lock feature to safeguard our customers’ hard- earned savings against scammers.
As customers can decide the amount to be set aside to ensure cash liquidity for emergency needs, they will have the additional peace of mind that their monies cannot be transferred out of their accounts digitally through the Money Lock.”
This Money Lock feature is similar to what other local banks like OCBC, DBS, and UOB launched last November. Since then, over 78,000 accounts have been set up with more than S$6.6 billion saved securely as of March 2024.
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