[SINGAPORE] Trust Bank announced the roll-out of its money lock feature, Trust Lock, for customers on Wednesday (Mar 26).
This allows Trust customers to lock Savings Pot – a sub-account – to prevent withdrawals. Customers can still deposit money into the locked Savings Pot, and can lock up to five different ones.
Aditya Gupta, chief product officer of Trust Bank, said: “In a dynamic and fast-evolving scam landscape, we are committed to keeping our customers’ money safe.”
Unlocking a Savings Pot requires two-factor authentication, with customers needing to tap their physical Trust debit or credit card on their near-field communication (NFC)-enabled smartphone and key in their six-digit Trust Key. Withdrawals can only be made after 12 hours of unlocking the funds as an additional layer of security.
Customers without an NFC-enabled smartphone will still be able to lock their Savings Pots, but will be prompted that their phone does not support NFC. These customers will need to submit a request to verify their identity in person at the Trust Experience Centre at Fairprice Xtra VivoCity.
This is slightly different from the money lock features that other banks have rolled out. DBS allows customers to lock specific amounts of money within a customer’s current and savings account, fixed deposits or in a DigiVault account. UOB allows customers to lock specific amounts of money in existing savings accounts or a separate LockAway Account. OCBC allows customers to lock specific amounts of money in their current and savings account.
Unlocking the funds is also different, with DBS requiring customers to visit an ATM before being able to withdraw or transfer funds. For OCBC customers, unlocking the funds requires a visit to an ATM or bank branch with their debit or credit cards and personal identification number. UOB customers can unlock their funds via UOB ATMs.
The Singapore Police Force reported that at least S$1.1 billion was lost through scams in 2024 – taking control of victims’ smartphones was a way that fraudsters stole money. The money lock feature has been activated for more than 181,000 customers, locking S$15.8 billion in savings as at end-October 2024.
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