GXS Bank has introduced Money Lock, a new feature designed to bolster the security of customer savings in response to a surge in online scams in Singapore. In June 2025 alone, scams resulted in losses exceeding $39 million (S$53 million), with over 600 cases linked to e-commerce fraud. Money Lock allows customers to secure their funds within the GXS app, locking up to eight Saving Pockets, whilst still earning daily interest and adding funds.
The Money Lock feature employs a multi-layered security approach. To unlock savings, customers must undergo a video verification with a GXS Buddy, followed by a notification and a mandatory 12-hour cooling-off period before funds can be transferred to their Main Account. This process aims to deter impersonators and provide users with confidence in the safety of their money.
Shahzaib Hassan, Group Chief Technology and Product Officer at GXS Bank, stated, “At GXS Bank we are purposeful in designing our banking experience with a degree of friction that we believe is necessary to keep our customers safe.” He emphasised the importance of these measures in preventing fraudulent transactions.
GXS Bank encourages customers to utilise Money Lock as an additional security layer and remain vigilant against scams. The bank also provides regular updates on scam trends through electronic direct mailers and the ScamShield website. As part of a regional network, GXS Bank continues to enhance its digital banking services across Southeast Asia.
“`
