DBS/POSB today announced that it will launch digiVault, which enables customers to lock up their money digitally in a designated account, from which funds cannot be digitally transferred out. The bank will also provide a safe way for customers to unlock digiVault which will require them to verify their identity. By setting up digiVault, customers limit the risk exposure of their monies, preventing scammers from performing any fraudulent digital transactions, should they gain unauthorised access to customers’ phones and accounts.

To be launched by the end of next month (November 2023), customers can set up a digiVault account via their DBS/POSB digibank. They can transfer funds from their existing DBS/POSB accounts and/or deposit fresh funds into their digiVault accounts. More details on digiVault will be announced next month.

Han Kwee Juan, DBS Singapore Country Head said: “digiVault is akin to a virtual safe deposit box in a vault – a simple concept that is easy to understand and adopt. The funds in the account are locked away and will give our customers peace of mind that it cannot be accessed digitally. digiVault serves as a complement to existing security features including the recently launched Security Checkup dashboard, Safety Switch, Payment Controls and transaction notification alerts; all of which come together to form a strong multi-layered defense against scams and fraud.”

digiVault adds to the bank’s latest anti-scam security measures announced last month, which includes a comprehensive set of anti-malware capabilities and a new Security Checkup dashboard that empowers customers to proactively safeguard themselves. In just the past month, some 120,000 customers have used Security Checkup to monitor key security settings within DBS/POSB digibank, and take the actions recommended to further safeguard their bank accounts. Another popular self-managed security feature is the bank’s Payment Controls that was launched in 2021, which has enabled half a million DBS/POSB customers to manage important payment settings on their credit and debit cards, including enabling/disabling of cash advances and overseas in-store transactions, and setting of monthly cards spending limit, among others.

If customers suspect that their phone has been compromised or they have fallen prey to a scam, they should immediately call the bank’s dedicated fraud hotline at 1800-339-6963 (from Singapore) or (+65) 63396963 (from overseas) to activate the Safety Switch to block any access to their funds. One of the bank’s customer service officers will be on hand to provide swift assistance. Customers can also visit any DBS/POSB branch to report a scam or fraud, where they will be attended to by a branch manager without needing to queue up.

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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

DBS/POSB to launch digiVault, a digital account with the security of a physical vault