DBS Bank will roll out a new “Mobile wallets” control in its DBS/POSB digibank app from mid-May to help prevent scammers from adding stolen card details to mobile wallets.
The feature will be turned off by default. Customers who wish to add their DBS/POSB cards to a mobile wallet must first enable the toggle in the app’s Payment Controls.
If no wallet is linked within 10 minutes, the control will automatically switch off.
When a card is being added, users will receive a push notification prompting them to activate the toggle.
To complete the setup, they must enter a one-time password (OTP), which is deliberately split into two separate SMS messages to introduce a pause for reflection.
Customers are guided through the process in-app, where they must navigate to Payment Controls, select their card, enable the toggle, and complete the setup using a one-time password.
The added step is intended to create a deliberate pause, giving users time to verify their actions and reduce the risk of unauthorised transactions.
According to the Singapore Police Force, over 650 cases of stolen card details being added to mobile wallets were reported in the last quarter of 2024, with at least S$1.2 million lost to fraud.
The new control adds to other self-managed security tools in the digibank app, such as digiVault, which allows users to lock funds instantly, and anti-malware alerts for Android devices that flag suspicious activity.
DBS also works with authorities and community groups to promote scam awareness.
In 2024, it held over 300 digital literacy and anti-scam workshops, reaching 90,000 people.
Its Bank Safely Hub and ongoing roadshows support public education efforts.
The bank also has personnel embedded within the Singapore Police Force’s Anti-Scam Centre to monitor transactions in real time and respond quickly to suspicious activity.
Calvin Ong, DBS Head of Consumer Banking Singapore said,
“Along with the Singapore Police Force (SPF), the Cyber Security Agency of Singapore (CSA) and the Monetary Authority of Singapore (MAS), DBS has also observed a rise in mobile wallet phishing incidents, where scammers target customers’ cards to add to their mobile wallet for subsequent unauthorised transactions.
As part of the industry’s initiative to address this issue, DBS has introduced a new ‘Mobile wallets’ feature to verify our customers’ intention to add their card to a mobile wallet. By introducing the deliberate pause, we enable customers to be alert when performing transactions.”
Featured image: Edited by Fintech News Singapore, based on image by donidas via Freepik
