GXS Bank has introduced Money Lock, a new feature in its app designed to strengthen customer protection against scams.
The tool allows users to lock some or all of their savings in up to eight Saving Pockets, which can be enabled through each Pocket’s settings. Once activated, the Saving Pocket is locked immediately.
The launch comes as scams continue to rise in Singapore.
According to the Singapore Police Force, more than S$53 million was lost to scams in June 2025 alone, including over 600 e-commerce cases.
These often involve fraudulent listings on social media platforms where victims are asked to make advance payments.
Funds placed in locked Saving Pockets continue to accrue daily interest, and customers can still add deposits.
Savings remain insured up to S$100,000 under the Singapore Deposit Insurance Corporation Limited.
Unlocking a Saving Pocket requires a video verification call with a GXS Buddy, the bank’s customer support officer, who is trained to detect signs of fraud.
Following this, account holders are notified via email, and a 12-hour cooling-off period is imposed before funds are transferred.
Customers who suspect unauthorised activity may contact the bank during this period to stop the request.
Shahzaib Hassan, Group Chief Technology and Product Officer at GXS Bank, said:
“It may sound counter-intuitive to add speed bumps into a digital experience, but we do this because scammers often use urgency to scare or entice their victims into making a fraudulent funds transfer. By adding ‘breaks’ throughout the funds transfer process, we hope to provide the time for our customers to consider and verify that the transaction which they are about to make is legitimate.”
He added that the bank encourages customers to use Money Lock as an added safeguard, while remaining vigilant to evolving scam tactics.
Featured image credit: Edited by Fintech News Singapore, based on image by onlyyouqj via Freepik
