At Trust, we constantly look for ways to make your banking experience safer and more secure. We’ve brought several innovations to the market, including Singapore’s first numberless credit card, easy in-App controls on overseas spending and transfer limits and a kill switch that instantly blocks access to your Trust App.
Fighting fraudsters is an industry challenge
Scams have been on the rise across the industry, with the Singapore Police Force reporting that at least S$1.1 billion* was lost to scams in 2024. One of the ways that fraudsters steal money is by taking control of victims’ mobile devices. There are several ways they attempt to do this, including malware injections and phishing scams.
While some banks have given customers the ability to lock money in their accounts, current solutions are cumbersome to unlock, requiring customers to go in-person to a bank branch or ATM to be able to access the funds.
Today, we’re excited to introduce Trust Lock, a market-first anti-scam tool that gives you extra protection on your money and allows customers to unlock their money both safely and conveniently.
Locking your money is easy and still rewarding
To start, choose an existing Savings Pot or create a new one in the Trust App. With just a couple of taps, you can lock this pot. This won’t get in the way of your savings goals, as you can continue to add money to the Savings Pot when it’s locked. Savings Pots earn the same rewarding interest as your Trust savings account and contribute to your eligibility for upgrade to Trust+ exclusive privileges. You can create and lock up to five different Savings Pots.
Once Trust Lock is activated, you can’t move the locked money out until it’s unlocked, keeping it protected from scammers even if they gain control of your mobile device.
Unlocking your money conveniently with an industry-first innovation
The digital unlocking of funds via the Trust App is innovative and done using a robust two-factor security authentication. Customers just need to log in to the Trust App, tap their physical Trust debit or credit card on their NFC enabled phone and enter their personalised 6-digit Trust Key. For additional security,money can only be withdrawn after 12 hours of unlocking the funds.
And unlike others in the market, there are no restrictions on how much of your money you can lock.
Aditya Gupta, Chief Product Officer, said: “In a dynamic and fast evolving scam landscape, we are committed to keeping our customers’ money safe. We’ve already rolled out several market-first security features to help keep our customers safe against scams and fraud. With Trust Lock, we are setting a new standard in convenience and security for our customers, giving them additional security features that are delightfully different.”
*SPF | Police Life | Five Things You Should Know about the Annual Scams and Cybercrime Brief 2024
