Just like our waistline during the circuit breaker, the number of fraud and scam cases has been on the rise lately.
Scammers are constantly coming up with all sorts of ingenious ways to take our money and more and more people are falling for it.
If they end up getting ahold of our bank details, we’d need to inform the bank so they can cut access to all our accounts and freeze your cards.
But this may take time, and you may be put on hold for infinity.
Fortunately, you may soon be able to do all this on your own.
POSB/DBS Cardholders Will Get Real-Time Control Over Security Access to Curb Frauds
To curb fraudulent transactions, DBS has introduced a host of new security features that will give customers real-time control over their card accounts through the digital banking app.
With this additional control over security, customers will be able to block several different types of payments, stopping scammers from using their accounts or cards in the process.
These measures will add an extra layer of protection against unauthorised transactions, whether in the country or overseas.
The new measures include:
- the authority to enable and disable online e-commerce transactions on both local and overseas websites
- the ability to activate and deactivate usage for face-to-face overseas transactions. After all, if you’re not there, why would your credit card be used there anyway?
- the ability to turn off contactless card and mobile wallet payments at local and overseas merchants
- managing access and stipulating spend limits on their own cards
- receiving instant alerts whenever a transaction is blocked due to pre-set controls
- control over enabling and disenabling cash advance transactions on credit cards (this could also help customers who accidentally use a credit card to withdraw cash)
- setting a monthly spend limit that is lower than their credit limit
Customers Can Lock Their Cards Temporarily
One of the more notable new features is the ability to lock or unlock their cards instantly through the digital banking app, which will be sure to please customers.
This means that if you lose your card or it gets stolen, you can immediately lock it, to prevent unauthorised usage.
All customers have to do is log into the DBS/POSB digital bank app to access the locking feature.
Previously, you would have to call up the bank, report a loss or theft, and wait three days for a new card.
With this new locking feature, customers can use the same card again if they find it after it went missing.
Customers who don’t use certain cards often can also lock them to prevent unauthorised usage.
A similar feature has already been implemented at banks like UOB and OCBC.
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