From January 31, OCBC Singapore is about to broaden its OCBC Cash Lock ‘kill swap’ service to time deposits. This follows its profitable implementation for present and financial savings accounts in November 2023. The enhancement is a response to rising considerations over digital safety threats, comparable to malware and phishing, which have change into prevalent within the on-line banking house.

This characteristic permits prospects to limit digital entry to their accounts whereas persevering with to earn curiosity on their deposits. Since its launch, OCBC Cash Lock has seen important engagement, with over 30,000 prospects utilising the characteristic for upwards of 33,000 accounts. The entire quantity of funds secured by means of this service has surpassed S$3.3 billion.

The extension of OCBC Cash Lock to time deposits coincides with the Lunar New 12 months, a interval historically marked by an uptick in such deposits. Information from the earlier yr indicated a notable improve in time deposits through the first quarter, considerably outnumbering these within the second quarter.

The rationale behind this safety enhancement is the vulnerability of digital banking functionalities to fraudulent actions. Scammers ceaselessly exploit digital channels to withdraw or modify the directions of time deposits. OCBC Cash Lock seeks to counter this by necessitating in-branch verification, for any alterations or withdrawals from time deposit accounts.

Commencing January 31, prospects can have the ability to unlock their time deposit accounts at OCBC department ATMs, with an extra growth to all OCBC ATMs throughout the island slated for the tip of February 2024. This unlocking course of would require a bodily card and PIN, akin to the process for present and financial savings accounts. Importantly, the unlocking of time deposit accounts is not going to be possible by way of the OCBC Digital app or OCBC Web Banking, thereby including one other layer of safety.

The utilization demographics of OCBC Cash Lock spans varied age teams and earnings ranges, indicating its enchantment throughout a large buyer base, with a considerable proportion of customers opting to safe bigger sums. This means a prudent strategy by prospects in the direction of their digital banking safety, safeguarding bigger quantities whereas holding vital funds readily accessible.

Beaver Chua

Beaver Chua, OCBC’s Head of Anti-Fraud, Group Monetary Crime Compliance, remarked on the adoption of OCBC Cash Lock,

“We’re inspired by the present take-up of OCBC Cash Lock by our prospects to safeguard their funds… With the roll out of OCBC Cash Lock for time deposits, prospects have an added assurance that their hard-earned financial savings put in a time deposit account might be protected, even when scammers achieve unauthorised entry to their financial institution accounts digitally by means of phishing or malware scams.”