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Money Lock – Find more ways to keep the scammers away
Do you recall the organic egg scam1? Here’s how it happened. A scammer posted a Facebook ad linked to WhatsApp selling organic eggs. Under the guise of a legitimate payment request, the scammer instructed a couple to download a fraudulent payment app via the link.
The malware app was designed to look like a legitimate bank webpage, and the victims unknowingly entered their login details in the compromised app. As a result, their banking credentials were immediately transmitted to the scammer who drained their accounts by the next day.
Criminals often hide behind false identities and exploit human emotions and needs. So, how can you guard against scammers?
What is Money Lock?
Money Lock protects your account balances by restricting unauthorised withdrawals. Once activated, the amount you set as locked cannot be withdrawn for payments.
For example, if your account balance is SGD10,000 and you set up a Money Lock amount of SGD9,000, your remaining withdrawable balance is SGD1,000. Any transaction, for example debit card purchase, PayNow transfer, GIRO or ATM withdrawal, exceeding SGD1,000 will be unsuccessful unless you adjust your locked amount or top up your balance.
While your account can continue to receive deposits, you can only release the locked funds at a UOB ATM in Singapore. This ensures that scammers who illegally obtain access to your phone or banking app cannot transfer your locked funds out of the bank.
How does Money Lock benefit me?
Proactive action against scams
Money Lock is a preventive measure against digital scams. By using Money Lock, you can prevent your savings from being completely drained if you encounter a scam. We recommend setting up Money Lock before you suspect your account has been compromised.
You can lock an amount above your current balance if you are expecting a large deposit, for example annual bonus or maturing fixed deposit. By proactively setting a higher lock amount, future deposits will be protected from digital scams as soon as they are credited into your account.
Continue earning rewards
Locked funds will continue to earn the prevailing interest rate of the current or saving account. Money Lock also helps manage your money by preventing accidental overspending on saving accounts, ensuring you maintain your balance to maximise interest rates or rewards.
For example, you can earn up to 5% p.a. interest from UOB Stash Account by maintaining your balances monthly without withdrawals. Setting a Money Lock amount on your UOB Stash Account savings can help ensure that you do not make an accidental withdrawal from the account and miss out on your monthly interest due to a decrease in funds.
Not only do you get to watch your savings grow, but you also keep them safe from scammers - a win-win!
Convenient and secure
To get started with Money Lock, log on to UOB TMRW App or head to any UOB ATM in Singapore to instantly set up Money lock for some or all the funds in your existing savings account(s).
You can unlock some or all your locked funds at any UOB ATM in Singapore in person, with your request processed instantly.
For your security, your locked amount cannot be withdrawn digitally, over phone banking or any other UOB channel. Please maintain sufficient withdrawable balances in your account if you travelling overseas.
Ensure you have enough unlocked funds if you use your account for daily expenses or scheduled transfers like GIRO or insurance payments.
Are you financially literate in a digital world?
For the victims of the egg scam, Money Lock could have acted as a safeguard and prevented the rapid draining of their accounts.
Banking is rapidly moving online, and financial literacy involves more than just understanding finance. Knowing scam types and using preventive digital tools like Money Lock and Kill Switch are key to preventing financial loss.
To learn more, please visit the Security Measures, and Protect Your Money website.
1Singaporean family desperate after egg scam wipes out SGD150,000 in life savings https://www.channelnewsasia.com/singapore/android-malware-scams-ecommerce-facebook-ad-victim-4011551
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