In an effort to combat rising cases of scams, DBS and POSB have introduced a new feature on their mobile banking app that allows card holders to control who can add their cards to mobile phone wallets. The move comes as scammers have been using phished card details to add cards to mobile wallets such as Apple Pay and Google Pay, resulting in significant financial losses. According to DBS, over 650 police reports were lodged in the last quarter of 2024, with losses totaling at least $1.2 million.
The new feature, which will be rolled out in mid-May, introduces a “mobile wallets” toggle on the DBS banking app that must be switched on before a user can add their card details to their device for contactless payment. The toggle will be off by default and will automatically turn off after 10 minutes, requiring users to be deliberate in their actions. This “deliberate pause” is designed to alert customers when performing transactions and prevent unauthorized additions to mobile wallets.
DBS has over 6.5 million debit and credit cards in circulation, and the new feature is part of the bank’s ongoing efforts to enhance security controls and protect customers from scams. The bank has also introduced a money lock tool that allows customers to keep sums of money from being transferred digitally. Other banks, including UOB and OCBC, are also taking steps to enhance security, with plans to launch in-app digital token authentication for adding cards to mobile wallets by July.
The introduction of these new security features highlights the importance of joint vigilance between banks and customers in combating scams. DBS has emphasized the need for customers to be proactive in protecting their security and will continue to expand its suite of self-managed security features and anti-scam educational resources. Customers who are unfamiliar with mobile wallets can seek assistance by calling the ScamShield Helpline. By working together, banks and customers can reduce the risk of scams and protect financial information.