Locking money safely away from the scammers

ACCORDING to Bank Negara Malaysia’s 2024 report, more than 95% of scams occur when victims are manipulated into transferring money to unknown entities. In Singapore, though, you make it more difficult for transfers to be made. According to reports, the “Money Lock” feature, first introduced there in November 2023, has locked away S$30bil (RM92.4bil) from scammers, and was used by almost 400,000 bank customers as of mid-2025.

This feature allows you to lock up a portion of your money within existing accounts. Once locked, the money is difficult to access and, most importantly, cannot be siphoned away if scammers take control of your account. Only three Malaysian banks offer this feature in their apps.