MariBank Introduces In-App Security Measures to Fight Off Phishing Fraudulence
MariBank, a leading financial institution in Singapore, has taken a proactive step to protect its customers from phishing scams involving digital wallets. The bank has introduced a new security feature called Money Lock, making it the first bank in Singapore to implement an in-app verification step after the SMS One-Time Password (OTP).
Natalia Goh, the CEO of MariBank, stated that the bank is committed to preventing scams and ensuring the safety of its customers' funds. With the implementation of Money Lock, MariBank aims to provide an extra layer of protection for its customers.
The Money Lock feature allows customers to lock up a portion of their funds for added security. Once funds are locked, they cannot be transferred out without additional verification, even if a scammer gains unauthorized access to a customer's account.
Following identity verification, a 12-hour cooling period is required to unlock funds. Customers can unlock their funds using SingPass Face Verification. In some cases, additional verification may be required to protect customers.
Through these tactics, MariBank is directly countering the threat of phishing scams that have been on the rise in Singapore. In 2024, the Singapore Police Force reported a significant increase in phishing scams, with both the number of cases and the total amount lost reaching at least $59.4 million. Scammers use fake e-commerce sites or phishing links to trick victims into providing card details and One-Time Passwords (OTPs).
MariBank is not resting on its laurels. The bank is developing new safeguards in close collaboration with authorities to stay ahead of bad actors. The bank is also committed to working with its stakeholders to prevent scams from taking place.
Customers can rest assured that their funds in Money Lock continue to accrue interest at Mari Savings Account's prevailing interest rate. The in-app verification step is a proactive measure taken by MariBank to protect customers from unauthorized transactions due to phishing scams.
With the introduction of Money Lock, MariBank is setting a new standard for security in the digital banking landscape, demonstrating its commitment to protecting its customers' funds and peace of mind.
