MariBank has unveiled new security measures aimed at protecting customers from sophisticated phishing scams targeting digital wallets. The bank’s latest initiatives, announced on 29 August 2025, include in-app verification and a Money Lock feature, designed to enhance fraud protection for cardholders.
Phishing scams have become a growing concern in Singapore, with the Singapore Police Force reporting a significant increase in such incidents in 2024, resulting in losses of at least $59.4m. Scammers often use fake e-commerce sites and phishing links to deceive victims into revealing their card details and One-Time Passwords (OTPs).
To counter these threats, MariBank’s in-app verification introduces an additional step after the SMS OTP. This “cognitive break” involves a clear in-app message alerting customers that they are linking their card to a specific digital wallet and device, rather than completing a payment. This step aims to disrupt the scammer’s illusion and prevent unauthorised card linking.
Additionally, the Money Lock feature empowers customers to safeguard their funds from unauthorised transactions. Customers can lock any amount, starting from SGD 0.01, and funds under Money Lock will continue to accrue interest. Unlocking funds requires Singpass facial verification and a 12-hour cooling period, ensuring an added layer of security.
These measures reflect MariBank’s commitment to addressing the evolving landscape of digital threats. As phishing scams become increasingly sophisticated, the bank’s proactive approach aims to provide customers with the necessary tools to protect their financial assets.
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