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.'įrom 27 November 2023 to 29 February 2024, the bank will be running a special launch promotion to encourage customers to try out digiVault. 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. Over the recent months, we have implemented a series of robust anti-scam measures, enhancing our multi-layered defence against scams and fraud. 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. 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.

Similar to digiVault, customers will have to personally visit a DBS/POSB branch and verify their identity in order to unlock their fixed deposits. 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. 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. Customers will be required to verify their identity before they are able to transfer funds from it. To access funds in digiVault, customers will need to personally visit a DBS/POSB branch to raise a request.

Announced last month, digiVault enables customers to lock up their money digitally in a designated account, from which funds cannot be digitally transferred out. By 7 December, digiVault will be available to all DBS/POSB customers. Singapore, - DBS/POSB launches digiVault, which will be progressively rolled out to DBS/POSB customers from today onwards.

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