Around 38,000 accounts activate ‘Money Lock’ feature

The activation resulted in over $3.2b of savings that were set aside.

The "Money Lock" launched by local banks in November has been activated on around 38,000 accounts, garnering total savings reaching over $3.2b, according to Deputy Prime Minister Lawrence Wong.

The “Money Lock” feature allows customers to save a portion of their funds in their bank accounts that cannot be transferred digitally, providing them protection in case their accounts get compromised.

Wong added in his written response to a query by Member of Parliament Saktiandi Supaat that the Monetary Authority of Singapore (MAS) is coordinating with other major retail banks to launch as well.

READ MORE: Here's how OCBC's new money lock feature works

MAS is also working with financial institutions, industry players, and other government agencies to combat scammers through technologies and solutions, Wong said.

“MAS will continue to work with financial institutions to assess additional measures for higher risk transactions, including those relating to transfers to overseas payees and access of bank accounts from overseas locations. These and other measures will be rolled out if assessed to be effective,” the deputy prime minister said.