KUALA LUMPUR: OCBC Malaysia has introduced an anti-scam feature, OCBC Money Lock, that allows customers to lock funds in their current, savings, and fixed deposit accounts to safeguard against unauthorised transfers.
In a statement, the bank said OCBC Money Lock acts as an added layer of defence against malware and phishing scams, ensuring locked funds cannot be digitally transferred or used for various transactions, including interbank transfers, bill payments and ATM withdrawals, among others.
Managing director and head of consumer financial services Sammeer Sharma said OCBC Money Lock offers a strong additional layer of protection against malware and phishing scams, enabling customers to safeguard their funds without disrupting daily transactions.
“Scammers are constantly evolving. OCBC Money Lock gives our customers the power to fight back — by locking away their money and keeping it safe.
“Since its launch in Singapore in November 2023, OCBC Money Lock has empowered 245,000 customers to securely lock away over S$20bil as at the end of 2024, testifying to how much people have come to appreciate the peace of mind it brings.
“As a prime mover in anti-scam offerings, we are pleased to bring OCBC Money Lock here to Malaysia to enhance the protection we offer to our customers,” he said.
He added that customers are advised to plan their cash flow carefully by considering their regular expenses, upcoming needs, and emergencies, and should lock only excess funds that they know will not likely be needed in the near term.
The bank said customers can transact as usual with the remaining balances that are not locked in their accounts. If the remaining balances are insufficient, they must unlock their funds before carrying out their transactions.
Funds locked in the chosen account are aggregated with unlocked balances for the purpose of calculating interest or profit. This means customers will still receive the applicable earnings on accounts such as the OCBC 360 Account and OCBC 360 Account-i.
Customers can lock funds through the OCBC Malaysia Mobile Banking app or Internet Banking by selecting a deposit account and specifying the amount, in multiples of RM10. The minimum amount eligible for locking is RM10.
OCBC Malaysia comprises OCBC Bank (M) Bhd and its Islamic banking subsidiary OCBC Al-Amin Bank Bhd.
