Maybank Singapore has launched the Cash Lock function, including a layer of safety to guard clients’ funds. This new function permits clients to “lock” their financial savings, stopping digital transfers if unauthorised entry is detected.
Prospects can put aside a selected quantity from their financial savings and present accounts, together with native and foreign currency, utilizing Maybank2u On-line Banking, the Maybank2u SG (Lite) app, or by visiting Maybank branches and chosen ATMs.
Funds secured with Cash Lock will proceed to accrue curiosity at prevailing charges.
Maybank has additionally applied different safety measures, resembling proscribing on-line banking entry when potential malware dangers are detected and enabling the “Kill Swap” perform for purchasers to freeze their on-line banking entry if they think fraudulent exercise.
Frontline workers are skilled to identify rip-off indicators, efficiently stopping clients from shedding over S$1 million via these interventions since final 12 months.
For added safety, clients should go to Maybank branches and chosen ATMs for in-person withdrawals to unlock their funds.
Adam Tan
Adam Tan, Head of Neighborhood Monetary Providers at Maybank stated,
“With the rise in scams and extra subtle rip-off ruses, we have to frequently step up our anti-scam banking measures such because the Cash Lock function to safeguard our clients’ hard- earned financial savings towards scammers.
As clients can resolve the quantity to be put aside to make sure money liquidity for emergency wants, they are going to have the extra peace of thoughts that their monies can’t be transferred out of their accounts digitally via the Cash Lock.”
For the reason that launch of the Cash Lock function by three native banks – OCBC, DBS, and UOB – in November, over 78,000 accounts have been established with greater than S$6.6 billion of financial savings securely put aside as of March 2024.
