Close to SGD 15.8 billion (USD 11.7 billion) in savings have been set aside by citizens using the facility to keep the money out of reach from scammers.

Money Lock

According to a CNA report, the amount is from end-October. It has increased 76 percent from amount locked away three months ago, i.e. July. Then, the amount was SGD 9 billion.

The Monetary Authority of Singapore has said over 181,000 customers have used the “money lock” security option as of Oct 31. It was introduced last year and is currently offered by DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered Bank.

Once a sum is locked, the feature will prevent the money from being transferred out, irrespective of whether a scammer gains digital access to the account or not.

A MAS spokesperson said other retail banks are looking to roll out the security feature in the next few months.

25 Per cent Jump

As per government data, people between 30 to 49 years of age make up 43 percent of all users.

Those over 50 years account for 42 percent users.

However, only 15 percent people below 30 use the feature.

As per statistics released by the police, scams have accounted for loss of at least SGD 385.6 million in the city-state in the first six months of 2024.

The figure shows an increase of 25 percent from the same period last year.

While investment scams was reported to be most common, others involved e-commerce and job scams.

(The article is published under a mutual content partnership arrangement between The Free Press Journal and Connected To India)