DBS has announced an update to its digiVault service, now offering all account holders the ability to secure their funds directly within their existing accounts. Initially requiring a separate account, the digiVault feature was introduced to provide a digital safe space where customers could store funds, making them inaccessible for digital transactions.
This enhancement aligns with DBS’s commitment to bolstering customer security and follows a similar initiative by OCBC with its Money Lock feature, which also does not necessitate opening a new account.
DBS’s latest initiative offers customers greater convenience and choice in how they manage their account security. Whether opting for a dedicated digiVault account for separate fund storage or securing a portion of their funds in their current accounts, customers now have more control over their financial safety.
Moreover, the bank has extended this locking feature to fixed deposit accounts, ensuring that digital withdrawals or alterations to maturity instructions cannot occur without unlocking, adding an extra layer of protection against potential scams.
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