Bank GXS introduces 'Money Lock' security feature to shield user savings from fraudulent activities

In a move to bolster financial resilience within Singapore's digital economy, GXS Bank has recently launched Money Lock, a new security feature within its mobile banking app. This timely initiative aims to safeguard customers' wealth and reinforces trust in digital financial services.

Money Lock allows customers to secure their savings by locking funds within up to eight individual Saving Pockets. The lock is activated via in-app settings, ensuring customers retain control over their deposits while reducing exposure to fraudulent withdrawals. To unlock savings, customers must undergo a video verification call with a GXS Buddy. Following successful verification, an additional safeguard is built into the process: account holders are notified by email, and a mandatory 12-hour cooling-off period is imposed before funds can be accessed.

GXS Bank's Money Lock represents a significant step in enhancing trust in digital financial services. The bank has integrated advanced fraud prevention measures into everyday banking functions, setting new standards in customer protection. This initiative comes in response to the increasing sophistication of scams, with over $39 million lost to scams in Singapore in June 2025, and over 600 cases linked to fraudulent e-commerce listings on social media platforms requiring advance payments.

The Money Lock feature is under APAC News Singapore Fintech, a testament to GXS Bank's commitment to embedding customer safety at the core of its services. Money Lock is a part of GXS Bank's efforts to emphasize customer safety within its digital banking ecosystem. Funds in locked Saving Pockets continue to accrue daily interest and remain fully insured up to $74,000 per depositor.

GXS Bank's introduction of Money Lock is a forward-looking initiative that balances robust security with customer convenience. During the cooling-off period, customers who suspect unauthorised activity may intervene to stop the request, providing an added layer of protection. This innovative feature underscores GXS Bank's dedication to safeguarding its customers' wealth and reinforcing trust in digital financial services.

Bank GXS introduces 'Money Lock' security feature to shield user savings from fraudulent activities