SINGAPORE – Banking customers may soon be able to keep their savings safer with a “money lock” which allows them to voluntarily set aside a certain amount which cannot be digitally transferred out.
When asked how soon the “money lock” can be implemented, Mr Phua said the industry has studied this feature in detail and he hopes that some banks will be able to roll it out in one form or another. Unauthorised scams occur when customers unwittingly provide their banking credentials to the scammers, who then use those details to log into the victim’s account to make unauthorised transfers.
He said: “We use what we call a Spot framework. We sense that something is wrong, we probe , we observe how they react and then we take action.”
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