DBS/POSB Launches digiVault to Safeguard Customers’ Funds

SINGAPORE, (October 06, 2023) – DBS/POSB, a leading financial services group in Asia, announced today the launch of a safer way for their customers to store their money, in the face of growing financial fraud and high-tech scammers. The bank will be launching digiVault, enabling customers to lock their money digitally within a designated account from which funds cannot be transferred out digitally. Unlocking the vault will also require the bank’s specially designed method, which requires them to verify their identity before accessing their funds. With this innovation, customers will be able to limit the exposure of their money in the event that their account and phone details fall into unauthorised hands.

digiVault can be set up by customers through their DBS/POSB digibank accounts at the end of November, when the feature is due to be released. Funds can be transferred from their existing accounts, or new deposits can be made into their digiVault accounts.

DBS Singapore country head Han Kwee Juan said: “digiVault is akin to a virtual safe deposit box in a vault – a simple concept that is easy to understand and adopt. The funds in the account are locked away and will give our customers peace of mind that it cannot be accessed digitally. digiVault serves as a complement to existing security features including the recently launched Security Checkup dashboard, Safety Switch, Payment Controls and transaction notification alerts; all of which come together to form a strong multi-layered defense against scams and fraud.”

digiVault is the latest in a series of anti-scam initiatives introduced by the bank. Previous security measures include anti-malware capabilities and a new Security Checkup dashboard that empowers customers to assertively safeguard themselves. In the past month, approximately 120,000 customers have used Security Checkup to monitor important security settings within the DBS/POSB digibank portal, and in turn, take necessary action to further protect their bank accounts.

The bank’s Payment Controls, another security feature launched in 2021 has enabled half a million DBS/POSB customers to securely settle their credit and debit card payments, along with enabling or disabling cash advances and overseas in-store transactions and setting up monthly card spending limits etc.