Money Lock – Find more ways to keep the scammers away

Do you recall the organic egg scam? It goes like this: A scammer puts up a Facebook ad selling organic eggs, which is linked to Whatsapp. Under the guise of a legitimate payment request, the scammer instructed a pair of husband and wife to download an illegitimate payment app via a link.

The malware app’s design looked like a legitimate bank’s webpage, and the victims unknowingly entered their login details in the compromised app. The victims’ banking credentials were immediately transmitted to the scammer, and the victims’ bank accounts were drained by the next day.

Criminals hide behind false identities and play on human emotions and needs. How can you keep scammers away?

What is Money Lock?

Money Lock protects your account balances by restricting unauthorised withdrawals from being made on your account. Once you have activated Money Lock, the locked amount you have set for your account(s) cannot be accessed for payment transactions.

For example: Your account balance is S$10,000 and you have set up a Money Lock amount of S$9,000. This means your remaining withdrawable balance is S$1,000. If you try to process a transaction higher than S$1,000 (e.g. purchase with a debit card, PayNow, funds transfer, GIRO or ATM withdrawal etc), the transaction will be unsuccessful. You will need to adjust your locked amount or top up your balances to proceed with the transaction.

While your account(s) can continue to receive incoming monies, you will only be able to release the locked funds at a UOB ATM in Singapore. This way, scammers who may have illegally obtained access to your phone or banking app will not be able to transfer your locked funds out of the bank.

How does Money Lock benefit me?

Proactive Action Against Scam

Money Lock is a preventive measure against digital scams. Having a money lock on your balances will prevent complete draining of savings should you encounter scams. We recommend for Money Lock to be set up even before you suspect your account has been compromised.

Lock an amount above your available balance if you're expecting a large deposit (e.g. bonus, maturing Fixed Deposit). By proactively setting a higher lock amount, future incoming funds will be protected from digital scams the moment it is credited into your account.

Continue earning rewards

Locked funds will continue to enjoy the prevailing interest rate of the current or savings account. Using Money Lock can also help you better manage your money by preventing accidental overspends on savings accounts in instances where you need to maintain your account balance to maximise interest rates or rewards.

For example, earn up to 5% p.a. interest with UOB Stash Account (yes, good things must share) simply by maintaining your balances monthly without withdrawals. Setting a Money Lock amount on your savings within your UOB Stash Account can help ensure that you do not make an accidental debit from the account and miss out on your interest for the month because of the drawdown in funds.

You not only get to watch your savings grow, but also keep them safe from scammers – win-win!

Convenient & Secure

To get started on 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).

Unlock some or all your locked funds at any UOB ATM in Singapore in-person. Your request will be processed instantly.

For your security, your locked amount cannot be removed or reduced via any digital means, phone banking or any other regular UOB channels. Please maintain sufficient withdrawable balances in your account if you are heading overseas.

Do maintain sufficient unlocked funds if you are using your account for daily expenses or scheduled transfers like GIRO or insurance payments.

Are you financially literate in a digital world?

For the egg scam victims, money lock can act as a speed breaker and prevent rapid drain of their accounts.

Finance is rapidly digitalising, and financial literacy is more than being familiar with finance. Being well-versed in scam typologies and the preventive digital tools such as Money Lock and Kill Switch are key to preventing financial loss.

To learn more, please visit the Security Measures, and Protect Your Money website.

Source:
Singaporean family desperate after egg scam wipes out S$150,000 in life savings https://www.channelnewsasia.com/singapore/android-malware-scams-ecommerce-facebook-ad-victim-4011551

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