DBS/POSB is seeing a surge in the use of its self-managed security tools, with more than 1.5 million customers now utilizing features in the digibank app to protect themselves from scams—marking a threefold increase from last year. With options like Payment Controls, Security Checkup, and digiVault, customers can manage payment settings, lock their funds, and follow essential security actions. As the bank continues to enhance these features and roll out anti-scam education initiatives, they expect user numbers to reach two million in the next six months.
New In-App Security Features for Greater Convenience
To meet growing demand for enhanced security control, DBS/POSB has introduced new functions in its digibank app, making it easier for customers to protect their funds and report card fraud:
- digiVault Fund Locking: As of October 14, customers can instantly lock their savings through the app, in addition to the existing option of using DBS/POSB digibot. Funds can also be unlocked at over 1,200 ATMs islandwide or at branches, and customers will continue to earn interest on locked savings and fixed deposits.
- Digital Card Fraud Dispute Tool: Launched last week, this new feature allows users to submit reports for unauthorized credit card transactions directly through the app. Customers can also track the status of disputed transactions in real time via an in-app dashboard.
These enhancements complement existing features like Payment Controls and Security Checkup, providing customers with more tools to protect their accounts as scam tactics evolve.
Increased Adoption of Security Controls Across Age Groups
The use of DBS/POSB’s security controls continues to rise, with a 55% year-on-year increase in Payment Controls adoption. Notably, customers aged 45 to 60 have nearly doubled their use of features like overseas spending and cash advance settings. Gen Z customers are also taking advantage of the tools to manage spending limits, particularly during peak travel months.
Additionally, 10,000 customers each month lower their transaction notification thresholds to receive alerts for smaller transactions, allowing them to quickly detect and address suspicious activities.
Ongoing Public Education to Combat Scams
DBS/POSB is committed to educating the public on safe online banking practices. The bank has hosted nine POSB Your Neighbourhood Getai events, combining entertainment with essential scam education, benefiting over 3,000 senior participants. Earlier this year, DBS also launched its Bank Safely Hub, offering scam alerts, educational materials, and resources to help the public stay informed about potential threats.
