4 things you can do to keep scammers at bay
DBS’ robust self-managed security tools help safeguard your money.
by Brand Studio · CNA · JoinScam attempts have become so widespread that it’s rare to meet someone who hasn’t been the target of one. Common examples include phishing emails, phone calls from strangers impersonating friends or trusted organisations and online shopping deals that are too good to be true.
Despite concerted efforts by banks and the authorities to curb such activities, the total number of scam cases in Singapore continues to rise. In the first half of this year, the number of scams increased by 18 per cent compared to the same period last year. The total amount lost surged by 24.6 per cent to S$385.6 million, up from S$309.4 million.
With fraudsters growing bolder in their schemes, it’s crucial to take proactive measures to protect yourself. By following these steps to strengthen your banking security, you can reduce your risk of falling victim to scams.
1. SET TRANSACTION LIMITS AND SWITCH ON ALERTS
One way to enhance your banking security is to regularly review and update your daily and monthly transaction limits to ensure that scammers are not able to transfer large sums out of your account.
You can do so using DBS’ Security Checkup feature, which offers a comprehensive checklist of essential security actions to bolster your account security.
With Security Checkup, you can review and adjust daily limits for inter-bank and local bank transfers, overseas transfers and eNETS transactions. It is advisable to set limits at the lower end of your spending range to match your usual expenditure. Should you need to make a transfer that exceeds this limit, you can easily adjust it via the digibank app.
What’s more, DBS customers can use Payment Controls to set a monthly credit or debit card limit that’s lower than the assigned amount. During months when you anticipate lower spending, you can reduce your limit with this handy tool. Besides encouraging prudent spending habits, this action limits your exposure to scammers. Should the worst happen, it prevents them from draining your account.
If you suspect you’ve been scammed, acting quickly is crucial to prevent scammers from advancing their schemes. By enabling real-time account and card transaction alerts, you’ll receive immediate notifications for any transactions above your specified amount, allowing you to respond swiftly in case of fraud.
Misplaced your credit or debit card? Payment Controls lets you temporarily lock your card to prevent unauthorised use. If you’ve found it, you can easily unlock your card with just a few taps.
DBS customers can easily manage their alert thresholds through the digibank app. To adjust your settings, log in to the app, tap on More, navigate to App & Security Settings and tap on Manage Notifications. You’ll be directed to the Accounts page, where you can customise your alert preferences. After making your changes, tap Next to review your details before hitting Submit to update your notification alerts. You can set alerts for transactions as low as S$0.01 to receive notifications for every transaction (not applicable to recurring transactions such as streaming service subscriptions).
2. LOCK UP YOUR LONG-TERM SAVINGS
Just as you would secure valuables such as jewellery or expensive bicycles to prevent theft, locking up savings you don’t need in the short term adds an extra layer of protection against scammers.
DBS customers can use digiVault to lock their funds, safeguarding savings accounts from unauthorised digital transfers while still earning the same interest. The service also applies to fixed deposits, preventing unauthorised withdrawals or changes to maturity instructions. To unlock your funds, in-person identity verification is required.
3. DISABLE OVERSEAS TRANSACTIONS WHEN YOU’RE NOT TRAVELLING
Enabling overseas transactions on your card presents another opportunity for fraudsters. If you’re not travelling, it’s wise to disable overseas in-person transactions using Payment Controls. Similarly, if you rarely shop online, disable your card for e-commerce transactions. You can easily reactivate them anytime using the toggle function on Payment Controls.
In addition to restricting specific transaction types, you can use Payment Controls to disable cash advances and instantly lock your card if you suspect fraud.
4. UPDATE YOUR PERSONAL DETAILS
To stay protected, it’s essential to keep your bank updated on any changes to your personal details. While this seems like a routine administrative task, it ensures that your bank can reach you quickly if they detect any suspicious activity on your account. In the event of such activity, you’ll be promptly notified, enabling you to take immediate action to halt fraudulent transactions. DBS customers can conveniently verify and update their contact and address information through the digibank app.
Additionally, your bank will never ask for your account username, password or PIN over the phone. You should never disclose these details to anyone, regardless of how legitimate the request may seem. If you’re unsure about the authenticity of the request, contact your bank through the hotline listed on its official website.
In today’s digital age, anyone can become a target for scammers. If you’re a DBS customer and suspect you’ve fallen prey to a scam, don’t hesitate to call the bank’s fraud hotline to activate Safety Switch, which instantly blocks access to your funds.
Securing your account is quick and simple with DBS’ self-managed tools. By following these steps, you can protect your funds and enjoy peace of mind while banking.
Use DBS’ suite of self-managed security tools to safeguard against scams.
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