[Editor’s note 03/27/25: An earlier version of this article incorrectly cited figures from the Singapore Police Force, suggesting that 181,000 customers had activated Trust Lock—a figure that instead refers to adoption of money lock features in general. It has now been corrected below.]
Trust Bank has launched a new anti-scam security feature called Trust Lock for its customers in Singapore, designed to prevent unauthorized withdrawals from customer savings accounts. The launch comes amid heightened efforts by Singapore’s banking sector to combat financial fraud, which has seen the successful prevention of S$53.9 million in fraud losses during the fourth quarter of 2024.
The Trust Lock system enables customers to lock up to five different Savings Pots, which are sub-accounts within their main account. While funds can still be deposited into locked Savings Pots, withdrawals require a two-factor authentication process involving both a physical Trust debit or credit card tap on an NFC-enabled smartphone and entry of a six-digit Trust Key. The implementation of NFC authentication follows a broader industry trend, as major technology providers have been expanding NFC capabilities for enhanced security applications.
A notable security measure is the mandatory 12-hour waiting period between unlocking funds and making withdrawals. For customers without NFC-enabled smartphones, identity verification must be completed in person at the Trust Experience Centre at Fairprice Xtra VivoCity.
Trust Lock differs from money lock features offered by other Singapore banks. DBS requires branch visits for unlocking funds, UOB enables unlocking via ATMs, and OCBC allows unlocking through either ATMs or branch visits with a card and PIN. These varying approaches reflect the banking sector’s broader push toward enhanced security measures, particularly as mobile phishing attacks have surged by 26 percent globally in 2024.
The feature’s implementation comes as Singapore faces significant challenges with financial fraud. According to the Singapore Police Force, scam-related losses reached S$1.1 billion in 2024, with many cases involving fraudsters gaining control of victims’ smartphones. The severity of this threat has led to various countermeasures, including the expansion of anti-smishing initiatives to Singapore to combat SMS-based fraud.
As of October 2024, more than 181,000 customers have activated a money lock feature, securing S$15.8 billion in savings. The adoption rate demonstrates the growing consumer demand for enhanced digital banking security measures, which is supported by recent surveys showing increasing consumer preference for enhanced digital banking security measures.
“In a dynamic and fast-evolving scam landscape, we are committed to keeping our customers’ money safe,” said Trust Bank’s Chief Product Officer Aditya Gupta.
Sources: The Business Times, Singapore Exchange
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