Simplest way to lock your money away from scammers - best among the banks
For the simplest way to secure your money from scammers, OCBC stands out. With OCBC's Money Lock, activate it on your existing account, choose the amount to lock, and easily unlock at an OCBC ATM using your bank card – no need to visit a branch. Human Centric. I like it. Keep it easy, keep it safe.
Scottz Lip - The Snipe Investor
2/16/20242 min read
Hold onto your hat: Between August 2022 and August 2023, scams sucked away a whopping US$1.02 trillion (S$1.4 trillion), as per a study by Global Anti-Scam Alliance (GASA) and ScamAdviser. Surveying 49,459 people across 43 countries, the punchline? Singaporeans felt the sting the most, losing an average of US$4,031 (~S$5,383) per victim.
Money lock enables customers to allocate a specific amount in their bank accounts, ensuring that it cannot be digitally transferred out unless strict identity verification is performed.
So how do you lock your money away?
Rank #1 OCBC Customers: (I really like this feature - user centric and designed for humans)
Can lock up funds within your existing accounts.
No need to open a new account; the process is integrated into existing accounts.
OCBC customers can activate Money Lock on their existing OCBC accounts.
Customizable Locking Amount:
Customers have the flexibility to choose the amount they want to lock up.
Convenient Unlocking Process:
If a change of plans occurs or there's a need to unlock funds, customers can do so at an OCBC ATM.
No Physical Bank Visit Required (Yay!):
Unlocking at an OCBC ATM with the bank card eliminates the need to physically queue up at a bank branch.
Rank #2 DBS Customers:
Open a separate account called digiVault for added security.
Deposited funds in digiVault cannot be digitally transferred out.
To access locked funds, a personal visit (ouch!) to a DBS or POSB branch for identity verification is required.
Rank #3 UOB Customers:
Open a distinct account named UOB LockAway for additional security.
Deposited funds in UOB LockAway are protected from digital transfers.
Unlocking requires a visit (ouch!) to a UOB bank branch with NRIC or passport for verification.
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The opinions expressed here are solely my own and do not constitute financial advice. I am not a licensed financial advisor, and the information provided is based on my personal experiences, research, and perspectives.
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