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OCBC adds Time Deposits to its Money Lock Anti-Scam protection scheme

By Ken Wong - on 25 Jan 2024, 3:47pm

OCBC adds Time Deposits to its Money Lock Anti-Scam protection scheme

Image source: OCBC.

From 31 January 2024, OCBC Singapore customers will be able to use OCBC Money Lock to disable digital access to their time (or fixed) deposit accounts.

We first covered OCBC Money Lock as part of initiatives launched by local banks to protect the deposits of customers from any losses due to any unauthorised digital transfers arising from malware and phishing scams.

If customers choose to use OCBC Money Lock on their time deposit account, they will only be able to withdraw existing deposits or change their maturity instructions at an OCBC branch and cannot do so digitally. What this means is that once locked, neither the OCBC Digital app nor OCBC Internet Banking can be used to unlock or access time deposit accounts.

From 31 January 2024, customers can only unlock their time deposit accounts at ATMs located at OCBC bank branches or within the branch itself. However, they will be able to use all OCBC ATMs island-wide by the end of February 2024. However, a physical ATM, debit or credit card, and their PIN will be required.

This authentication process is similar to the OCBC Money Lock process to unlock funds in current or savings accounts.

Once the account is unlocked, they can then use the OCBC Digital app to digitally access their time deposit account. However, they can still view the information about their Time Deposit in the app.

Since November 2023, 30,000 OCBC customers have used Money Lock on more than 33,000 accounts with the total amount locked exceeding S$3.3 billion.

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