Your bank may offer a “Money Locking” feature, which stops scammers from digitally transferring your money out of your bank account. To access money that has been locked up, you need to visit a bank branch to verify your identity or do it through an ATM.
Practising cyber hygiene is vital to avoid getting scammed. To guard against
scammers, consider “locking up” a portion of the money in your bank accounts.
The “locked-up” amount cannot be transferred out digitally by anyone,
acting as a last line of defence against scammers who try to gain access
to your accounts, such as through malware attacks. If you want access to
the “locked-up” amount, you may need to visit a bank branch or ATM.
There may be processing time for unlocking these funds. You should therefore
think carefully about how much you should lock. Take stock of your recurring
expenses and near-term needs before making your decision.
How it works
Let’s say you have $5,000 in your bank account but only need $1,000 for
your day-to-day or regular expenses. You may “lock up” $4,000, leaving
$1,000 that you can use for services such as PayNow, transfers like GIRO
payments, NETS transactions or ATM withdrawals.
Should scammers gain access to your account, the most they can access
is the $1,000. They will not be able to spend or transfer out the $4,000
that has been “locked-up”.
How to set it up
The three local banks, DBS, OCBC, and UOB, offer this “Money Locking”
Instructions for setting up:
DBS: Apply for a digiVault account via
the Digibank app and transfer the amount you’d like locked. To access your
locked funds, visit a DBS bank branch with your NRIC or passport.
OCBC: Activate the Money Lock feature feature
via the OCBC Digital app or Internet Banking to lock funds in an existing
current or savings account. To access your locked funds, visit any OCBC
ATM or branch with a valid ATM/debit/credit card and PIN.
UOB: Open a LockAway account via
the UOB TMRW app or online and transfer the amount you’d like locked. To
access your locked funds, visit a UOB branch with your NRIC or passport.
Safeguarding your CPF savings
If you are a CPF member aged 55 or older and have no immediate plans to
withdraw your CPF savings, you are encouraged to safeguard your CPF savings
by activating the CPF Withdrawal Lock to disable online CPF withdrawals.
You can do so via the CPF account settings after logging on to the CPF
website using your Singpass.
When you need to withdraw your CPF, you can enable online withdrawals
again via the CPF account settings. For your security, this will be subject
to Singpass Face Verification and a 12-hour cooling period. Members who
do not wish to enable online withdrawals again can withdraw in-person at
CPF Service Centres.
To safeguard members’ basic retirement adequacy, amounts up to the Basic
Retirement Sum are automatically reserved for retirement and cannot be
withdrawn. CPF Board has also introduced a default Daily Withdrawal Limit
of $2,000 for all members aged 55 or older, as part of a suite of anti-scam
measures. Members can adjust this limit via the CPF account settings. All
limit increases are subject to Singpass Face Verification and a 12-hour
Keep safe against scams
Avoiding scams starts with adopting good cyber hygiene habits. Follow
Secure your devices
Update your devices with the latest security patches
Install anti-virus software
Only download applications from the official app store
Secure your passwords
Never reveal login credentials, passwords or OTPs to anyone
Be cautious of clicking on links; banks will not include clickable links
in SMSes or e-mail