Over 370,000 Singapore bank customers used the money lock feature

More than $30b have been locked up.

At least 370,000 Singapore bank customers have used the money lock feature, saving over $30b as of 30 June, according to the Singapore Police Force Mid-Year Scam and Cybercrime Brief 2025.

The Money Lock feature is a tool that protects a portion of a customer's funds, preventing them from being withdrawn digitally.

In December 2024, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) implemented the Shared Responsibility Framework (SRF).

The SRF complements anti-scam measures by strengthening the direct accountability of financial institutions and telecommunications providers to consumers for losses incurred from phishing scams. An additional fraud surveillance duty to detect rapid drainage of large sums from customer accounts came into effect under the SRF on 16 June 2025.

Major retail banks will progressively introduce cooling-off periods for high-risk activities, such as increasing transaction limits or changing contact details, to provide potential victims an opportunity to reassess their actions.

MAS is also working with banks on a Fast IDentity Online (FIDO)-compliant hardware token that must be inserted into a customer’s device to approve higher-value internet banking payments and transfers.

The police acknowledged that this could introduce more friction and could potentially impact legitimate transactions however, there will be a need to prioritise security over convenience in the ongoing fight against scams

“Banks will continue to encourage their customers to use this service to limit potential losses should a customer’s digital banking access be compromised,” the police said.