DBS/POSB launches two new options for customers to lock up their funds, empowering them with greater control over their funds security

Singapore.27 Nov 2023

Customers can opt to lock up their savings in digiVault – a digital account with the security of a physical vault

In addition, all customers can now lock up their fixed deposit account(s), preventing premature digital funds withdrawals or changes to maturity instructions

Singapore, 27 Nov 2023 - DBS/POSB launches digiVault, which will be progressively rolled out to DBS/POSB customers from today onwards. By 7 December, digiVault will be available to all DBS/POSB customers. Announced last month, digiVault enables customers to lock up their money digitally in a designated account, from which funds cannot be digitally transferred out. To access funds in digiVault, customers will need to personally visit a DBS/POSB branch to raise a request. Customers will be required to verify their identity before they are able to transfer funds from it.

In addition to digiVault, all customers can choose to lock up their fixed deposits, preventing premature digital funds withdrawals or changes to maturity instructions for enhanced security1. This feature, which is rolled out to all customers today (27 November), enables them to have peace of mind that their fixed deposits are securely locked up. Similar to digiVault, customers will have to personally visit a DBS/POSB branch and verify their identity in order to unlock their fixed deposits. With this new option to lock their fixed deposits, customers reduce the risk of scammers prematurely withdrawing their fixed deposit funds digitally, should they gain unauthorised access to customers’ phones and accounts.

Han Kwee Juan, DBS Singapore Country Head and Acting Chief Information Officer said, “In today’s dynamic and fast evolving scam landscape, collective effort and vigilance is paramount to keeping scammers at bay. Over the recent months, we have implemented a series of robust anti-scam measures, enhancing our multi-layered defence against scams and fraud. Empowering customers to protect themselves remains a key focus, which is why we are continuously fortifying our suite of self-managed security controls and anti-scam education efforts. The introduction of these two new options – allowing customers to lock up their savings and/or fixed deposits – complements existing security features and provides customers with more choice and control over the security of their funds.”

From 27 November 2023 to 29 February 2024, the bank will be running a special launch promotion to encourage customers to try out digiVault. Customers who open and deposit money into a digiVault account can earn an additional 1.80% per annum interest on their average daily balance in digiVault during the promotional period, which they will receive as a lump sum cash gift at the end of the promotion. For customers with multiple digiVault accounts, only the first account will be eligible for the additional interest.

digiVault is akin to a virtual safe deposit box in a vault - a simple concept that is easy to understand and adopt

Customers can conveniently apply for a digiVault account via digibank and have it set up within a minute. To apply for digiVault, customers will need to locate the ‘digiVault’ button found under the ‘Apply’ section on the “more” tab. Customers will also need an existing DBS/POSB account in order to apply for digiVault. Once the application has been approved, usually within a minute, customers will receive a push notification in digibank to inform them that their digiVault is ready, after which they can start to deposit funds in it.

To access digiVault funds, customers will need to visit a DBS/POSB branch in person, where they will be required to verify their identity. Once they have successfully verified their identity at the branch, the branch staff will assist them to transfer funds from their digiVault to their existing DBS/POSB account. The closing of a digiVault account will also need to be done at a DBS/POSB branch.

Fixed deposit lock option provides customers with greater peace of mind that their fixed deposits are securely locked up

Additionally, DBS/POSB customers will also have the option to lock up their fixed deposit account(s). This option is available to all DBS/POSB customers today (27 November). Once a fixed deposit has been locked, it prevents any premature digital funds withdrawals or changes to maturity instructions. This reduces the risk of scammers prematurely withdrawing fixed deposit funds digitally, should they gain unauthorised access to customers’ phones and accounts.

Customers can request to lock their fixed deposit account(s) through digibot, which can be accessed via the bank’s digiVault page or digibank online. After launching digibot, customers will need to enter ‘Fixed Deposit Lock’, after which, they will be prompted to authenticate the request. After successful authentication, customers will need to select the existing fixed deposit account(s) that they wish to lock up and confirm the request. The request will take around two working days to be processed. Once locked, customers will receive an email notification to inform them that their fixed deposit has been successfully locked.

To unlock the fixed deposit, customers will have to personally visit a DBS/POSB branch and verify their identity.

DBS continues to intensify its anti-scam measures to protect customers

The new options to lock up customers’ funds complement the bank’s existing self-managed security tools and are part of DBS/POSB’s broader anti-scam efforts comprising customer education, fraud surveillance, authentication, assistance and recovery, as well as goodwill framework.

In the past three months, over 300,000 customers have used the bank’s newly launched Security Checkup to monitor key security settings within DBS/POSB digibank, and take the actions recommended to further safeguard their bank accounts. Payment Controls, another self-managed security feature, also remains very popular among customers. To date, over half a million DBS/POSB customers use Payment Controls 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.

DBS/POSB also has in place a robust anti-scam public awareness programme to help customers to stay vigilant and be aware of the latest scams and fraud. The bank regularly partners with the Singapore Police Force to create anti-scam educational content, which is piped into various digital literacy programmes for the public. Last month, the DBS Foundation also partnered Cyber Security Agency of Singapore and Infocomm Media Development Authority to launch an anti-scam quiz designed to equip the community with the know-how to protect themselves against evolving scam threats. 82% of participants who completed the quiz shared that they felt they had a higher level of confidence to bank digitally after taking the quiz.

[1] Only for single name fixed deposit accounts

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 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.