OCBC rolls out money lock anti-scam security feature to lock your funds in your accounts
From the end of November, all new and existing OCBC current and savings accounts will be able to lock funds in their existing OCBC bank accounts using OCBC Money Lock to prevent any unauthorised transfers.
Once locked the funds in the chosen account will still be included with any unlocked funds for the calculation of interest so customers will not miss out on the bonus interest earned on their account balances for performing everyday banking transactions with accounts like the OCBC 360 Account.
OCBC urges customers to consider their regular or recurring expenses, near-term needs and plan for emergencies, and only lock excess funds they do not require any for use in the foreseeable future.
Once locked, the funds cannot be used for:
- Local and overseas transfers, even between a customer’s own accounts
- New or existing payment arrangements e.g., GIRO, standing instructions or future-dated transfers
- Bill or credit card payments
- Fixed deposit placements or investments
- Insurance purchases or payments
- Loan or tax repayments
- ATM withdrawals or transfers
The locking of funds is done via the OCBC Digital app or Internet Banking. Customers select a deposit account and then decide the amount they wish to lock (in multiples of S$10), with the maximum amount being the total available balance in the bank account. The minimum amount that can be locked is S$10.
Unlocking what’s yours
Once locked, getting access to the funds isn’t as straightforward. So, scammers can’t gain access to the locked funds, unlocking the funds can’t be done via the Digital app or Internet Banking, but requires the account holder to do so at an OCBC ATM or bank branch. Authentication at the OCBC ATM will require a physical ATM, debit or credit card, and PIN.
However, do note that there could be some delays in unlocking funds via an OCBC ATM customers will be able to unlock funds at OCBC ATMs located at OCBC branches which are accessible 24/7 or at any OCBC branch when OCBC Money Lock goes live on 30 November. It won’t be until the end of December 2023 that customers will be able to use all OCBC ATMs island-wide to unlock their funds.
Customers residing overseas who wish to unlock funds can do so by submitting a request via the Secured Mailbox in the OCBC Digital app or Internet Banking. A customer service executive will get in touch with the customer within four working days and undertake a stringent authentication process to ensure that the identity of the customer is established before the funds are unlocked.
UOB also announced the launch of the UOB LockAway Account, a savings account that ringfences customers’ monies from unauthorised digital intrusion and rash decisions. Customers can only access their locked-up funds at the Bank’s branches, by presenting their identity cards or passports to branch staff for verification before any transactions can be made. The difference between this and the OCBC approach lies in the fact that the UOB LockAway Account is a separate bank account that requires a customer to deposit funds into for its safety, whereas the OCBC Money Lock can be implemented on any of the customers’ existing bank accounts, not requiring any new account creation.
