DBS/POSB has introduced digiVault, a feature designed to enhance the security of digital funds for customers. With digiVault, users can digitally lock up their money in a designated account, preventing digital transfers out of the account. To access funds in digiVault, customers must visit a DBS/POSB branch in person to raise a request and verify their identity. This additional layer of authentication adds a physical step to digital fund transfers, adding an extra level of security.
In conjunction with the launch of digiVault, DBS/POSB has also provided the option for all customers to lock up their fixed deposits, preventing premature digital fund withdrawals or changes to maturity instructions. This security feature aims to offer customers peace of mind regarding the safeguarding of their fixed deposits.
As part of a special launch promotion from November 27, 2023, to February 29, 2024, customers using digiVault can earn an additional 1.80% per annum interest on their average daily balance during the promotional period. This bonus interest will be provided as a lump sum cash gift at the end of the promotion. Customers can apply for a digiVault account through their digibank app, and once approved, they can deposit funds into it. The access to digiVault funds, however, requires a physical visit to a DBS/POSB branch for identity verification.
Meanwhile, OCBC is also introducing a similar feature called OCBC Money Lock for its current and savings accounts. This allows customers to lock funds in their existing OCBC bank accounts to prevent unauthorized transfers. Even when locked, the funds in the chosen account will still contribute to interest calculations, ensuring customers continue to earn bonus interest on their account balances for everyday banking transactions.
These initiatives from DBS/POSB and OCBC highlight a growing emphasis on enhancing digital fund security and providing customers with tools to protect their financial assets in the digital realm. The combination of digital convenience and additional security measures aims to address customer concerns about the safety of their funds in an increasingly digital banking landscape.
