In response to the increasing threat of online scams and fraud, DBS/POSB has unveiled a new safeguarding tool called digiVault. This innovative feature will allow customers to digitally lock their funds in a designated account, rendering them inaccessible for digital transfers. With the surge in cybercrime and unauthorized access to personal information, digiVault aims to provide an extra layer of security, offering peace of mind to customers who are concerned about the safety of their finances.
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Scheduled to launch by the end of next month (November 2023), digiVault can be easily set up via the DBS/POSB digibank. Customers will have the option to transfer existing funds from their DBS/POSB accounts or deposit fresh funds into their digiVault accounts. Additional details about the digiVault platform will be disclosed next month.
DBS Singapore Country Head, Han Kwee Juan, described digiVault as a virtual safe deposit box within a digital vault, emphasizing its simplicity and ease of use. Once funds are locked in the digiVault, they become impervious to digital access. This approach complements DBS/POSB's existing array of security features, including the recently introduced Security Checkup dashboard, Safety Switch, Payment Controls, and transaction notification alerts. Together, these features form a robust multi-layered defense system against scams and fraud.
digiVault is the latest addition to DBS/POSB's ongoing efforts to enhance customer security, following the introduction of comprehensive anti-scam measures last month. These measures included anti-malware capabilities and the Security Checkup dashboard, empowering customers to actively protect their accounts. In just a month, approximately 120,000 customers have used Security Checkup to monitor critical security settings within DBS/POSB digibank and take recommended actions to bolster their account security.
Another popular self-managed security feature is Payment Controls, launched in 2021, which enables half a million DBS/POSB customers to manage essential payment settings on their credit and debit cards, such as enabling/disabling cash advances, overseas in-store transactions, and setting monthly card spending limits.
In the event of a suspected phone compromise or falling victim to a scam, customers are urged to contact the bank's dedicated fraud hotline to activate the Safety Switch, which will block any unauthorized access to their funds.
