UOB Thailand has become the first foreign bank to introduce UOB Money Lock, a new security feature designed to safeguard customer’s deposit accounts from unauthorised online transfers.
The launch of this feature comes amidst growing concerns over online fraud in Asia. The Asia Scam Report 2023 highlights alarming trends in the region, revealing that Asia has become a prime target for fraudster utilising artificial intelligence (AI) to speed up and simplify their deceptive practices. The report underscores the gravity of the situation, indicating that Thai nationals are particularly susceptible to phone-based fraud scheme, with 88 per cent of the population at risk.
Popular digital platforms such as Facebook, LINE and e-mail to target Thai individuals with fraudulent schemes, ranging from identity theft to misleading investment opportunities.
The UOB Money Lock feature effectively “locks up” the money in designated deposit accounts without opening a new saving account, thereby preventing outgoing digital transfers via mobile or internet banking. This feature aims to protect customers’ savings from unauthorised digital transactions or impulsive decisions by customers under the influence of scammers.
To access their funds, customers must either visit a UOB branch or use an ATM for cash withdrawals. Customers are still able to receive incoming fund transfers and view their transact6ions online. To remove the lock, customers must visit a UOB branch to verify their identity and provide authorisation.
Mr Yuttachai Teyarachakul, Managing Director, Head of Personal Financial Services, said “The launch of UOB Money Lock reflects our commitment to protecting our customers’ monies by enhancing our security measures. This aligns with current regulatory policies aimed at combatting financial fraudulent activities from the end-to-end process to mitigate account draining risk from online banking scams. The measure provides an extra layer of security by ensuring that our customers are protected against unauthorised digital transfers and offers time for customers to carefully consider any withdrawal requests.
While we continually review and enhance our suite of security measures to protect our customers, customers remain the singular most effective defence. We strongly urge our customers to remain vigilant in safeguarding their accounts and carefully verifying information before conducting any transactions.”
The UOB Money Lock feature is now available for enrolment through all UOB branches, the Live Chat service on the UOB TMRW app, or UOB contact centre at 02-285-1555. For more information including terms and conditions of UOB Money Lock, visit UOB’s website.
