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OCBC Enhances Digital Safety, Extends OCBC Cash Lock to Time Deposits

OCBC Enhances Digital Security, Extends OCBC Money Lock to Time Deposits

by Fintech Information Singapore

January 25, 2024

From January 31, OCBC Singapore is about to increase its OCBC Cash Lock ‘kill change’ 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 issues over digital safety threats, corresponding to malware and phishing, which have grow to be prevalent within the on-line banking house.

This function allows 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 function for upwards of 33,000 accounts. The full quantity of funds secured by way of this service has surpassed S$3.3 billion.

The extension of OCBC Cash Lock to time deposits coincides with the Lunar New Yr, a interval historically marked by an uptick in such deposits. Knowledge 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 steadily 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 may have the power to unlock their time deposit accounts at OCBC department ATMs, with an extra enlargement 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 won’t be possible through 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 revenue ranges, indicating its attraction throughout a large buyer base, with a considerable proportion of customers opting to safe bigger sums. This means a prudent strategy by prospects in direction of their digital banking safety, safeguarding bigger quantities whereas preserving obligatory funds readily accessible.

Beaver Chua

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 can be secure, even when scammers achieve unauthorised entry to their financial institution accounts digitally by way of phishing or malware scams.”

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