From 30 November, 2 million OCBC Singapore customers will be able to lock funds in their existing OCBC bank accounts. The option is available via OCBC Money Lock, designed to safeguard against unauthorised transfers. The bank says that the security rollout represents a strong defence against malware and phishing scams.

OCBC Money Lock

Locked funds cannot be digitally transferred or used for the following purposes:

  • 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, or
  • ATM withdrawals or transfers

Customers will be able to transact as usual with the remaining balances in their account which have not been locked. If these remaining balances are insufficient, they must unlock their funds before carrying out their transactions.

Stronger security without sacrificing interest earned on account balances

Customers do not need to open a new bank account to use OCBC Money Lock. The feature is available to all new and existing OCBC current and savings accounts.

Funds locked are aggregated with the funds that are not locked to calculate the interest to be earned. As a result, customers do not lose bonus interest earned on account balances for performing everyday banking transactions.

Locking of funds can be 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. The minimum amount that can be locked is $$10.

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Secure process to unlock funds

To ensure scammers cannot unlock the locked funds, unlocking cannot be done using the OCBC Digital app or internet banking. Customers in Singapore can only unlock funds at OCBC ATMs or branches. Authentication at the OCBC ATM will require a physical ATM, debit or credit card, and their PIN. From 30 November, customers can unlock funds at OCBC ATMs located at OCBC branches or at any OCBC branch. By the end of December 2023, customers will be able to use all OCBC ATMs island wide to unlock their funds.

Beaver Chua, OCBC’s Head of Anti-Fraud, Group Financial Crime Compliance, said: “We have seen scam modus operandi continuously evolve and become more insidious and difficult to detect. It is therefore important for us to implement innovative and effective ways to protect our customers’ monies. OCBC Money Lock adds to our already robust suite of security measures.

“OCBC Money Lock is a much-needed safeguard. It hampers scammers from quickly gaining access and transferring out an unwitting customer’s monies. Customers will have added peace of mind knowing their hard-earned monies are ‘locked up’ and will be safe.”