DBS/POSB customers now able to lock up funds in their existing accounts with extension of digiVault protection
Singapore.23 Feb 2024
The extended protection enables customers to lock up funds in existing accounts while enjoying the interest rates offered across the bank’s savings propositions
digiVault is part of the bank’s suite of self-managed security features which have been used by over a million customers
Singapore, 23 Feb 2024 - DBS/POSB is extending its digiVault protection to all accounts, enabling customers to choose how much they want to lock up in their existing accounts, while enjoying the interest rates offered across the bank’s various savings propositions. This latest move is part of the bank’s efforts to encourage more customers to use its suite of self-managed security features to safeguard themselves against the rising threat of scams.
To date, over a million customers have used these security features to strengthen their protection against scams. The bank aims to double this number over the next 12 months by continuing to enhance its security features and intensifying anti-scam education. Other security features offered include ‘Security Checkup’ which takes customers through a curated checklist of key security actions, and ‘Payment Controls’ which enables customers to manage important payment settings, such as instantly locking their card if they suspect that it has been compromised.
DigiVault was first launched last November to enable customers to lock their funds digitally in a designated account, preventing digital transfers out. With this extension, customers have more flexibility in choosing how they secure their funds – in a separate new digiVault account where locked-up funds are segregated from their other savings, or by locking a portion in their existing accounts.
Additionally, customers can continue to lock their fixed deposits, preventing premature funds withdrawals or changes to maturity instructions digitally for enhanced security.
Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, said, “We are committed to protecting our customers and their hard-earned savings. To ensure that we address customers’ needs and preferences, we constantly review and enhance our security features. While some customers appreciate having a separate digiVault account, others may prefer to lock up their funds in an existing account while continuing to enjoy the interest rates offered across our various savings propositions. With this enhancement, we are empowering customers with more choice and control over how they secure their funds.”
Customers can request to lock up funds in an existing account through digibot, which can be accessed via the bank’s digiVault page or digibank online. After launching digibot, customers will need to enter ‘Lock My Savings’, after which, they will be prompted to authenticate the request. Once the request has been processed, usually within two business days, customers will receive an email from the bank to inform them that their funds have been successfully locked up.
The way to access locked up funds in an existing account is identical to that of unlocking funds in a separate digiVault account - customers will need to personally visit a DBS/POSB branch and verify their identity before they can withdraw or transfer funds from it.
With many scammers using social engineering tactics to deceive victims into granting access to their banking accounts and funds, customer education is paramount to strengthening collective defence against scams. Alongside providing customers with the tools for enhancing account security, the bank is intensifying its anti-scam public education efforts to raise awareness of the latest scams and fraud. This includes expanding its digital literacy and anti-scam workshops to more neighbourhoods and exploring new formats to better engage the community on important anti-scam content.
Last September, DBS Foundation partnered with the Cyber Security Agency of Singapore to co-launch a new anti-scam quiz to assess and enhance the community’s scam awareness, particularly among seniors. The quiz tests participants’ understanding of various scams and arms them with tips to protect themselves. 82% of the 3,200 participants who took the quiz shared that they felt more confident about banking digitally afterwards. The bank aims to expand access to this quiz to 30,000 people by end 2024.
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 15 consecutive years from 2009 to 2023.
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 businesses for impact: enterprises 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 underserved communities with future-ready skills and helping them to build 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.
To date, over a million customers have used these security features to strengthen their protection against scams. The bank aims to double this number over the next 12 months by continuing to enhance its security features and intensifying anti-scam education. Other security features offered include ‘Security Checkup’ which takes customers through a curated checklist of key security actions, and ‘Payment Controls’ which enables customers to manage important payment settings, such as instantly locking their card if they suspect that it has been compromised.
DigiVault was first launched last November to enable customers to lock their funds digitally in a designated account, preventing digital transfers out. With this extension, customers have more flexibility in choosing how they secure their funds – in a separate new digiVault account where locked-up funds are segregated from their other savings, or by locking a portion in their existing accounts.
Additionally, customers can continue to lock their fixed deposits, preventing premature funds withdrawals or changes to maturity instructions digitally for enhanced security.
Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, said, “We are committed to protecting our customers and their hard-earned savings. To ensure that we address customers’ needs and preferences, we constantly review and enhance our security features. While some customers appreciate having a separate digiVault account, others may prefer to lock up their funds in an existing account while continuing to enjoy the interest rates offered across our various savings propositions. With this enhancement, we are empowering customers with more choice and control over how they secure their funds.”
Customers can request to lock up funds in an existing account through digibot, which can be accessed via the bank’s digiVault page or digibank online. After launching digibot, customers will need to enter ‘Lock My Savings’, after which, they will be prompted to authenticate the request. Once the request has been processed, usually within two business days, customers will receive an email from the bank to inform them that their funds have been successfully locked up.
The way to access locked up funds in an existing account is identical to that of unlocking funds in a separate digiVault account - customers will need to personally visit a DBS/POSB branch and verify their identity before they can withdraw or transfer funds from it.
With many scammers using social engineering tactics to deceive victims into granting access to their banking accounts and funds, customer education is paramount to strengthening collective defence against scams. Alongside providing customers with the tools for enhancing account security, the bank is intensifying its anti-scam public education efforts to raise awareness of the latest scams and fraud. This includes expanding its digital literacy and anti-scam workshops to more neighbourhoods and exploring new formats to better engage the community on important anti-scam content.
Last September, DBS Foundation partnered with the Cyber Security Agency of Singapore to co-launch a new anti-scam quiz to assess and enhance the community’s scam awareness, particularly among seniors. The quiz tests participants’ understanding of various scams and arms them with tips to protect themselves. 82% of the 3,200 participants who took the quiz shared that they felt more confident about banking digitally afterwards. The bank aims to expand access to this quiz to 30,000 people by end 2024.
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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 15 consecutive years from 2009 to 2023.
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 businesses for impact: enterprises 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 underserved communities with future-ready skills and helping them to build 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.
