At least $1.1 billion was lost to scams last year, according to the Singapore Police Force. One of the ways fraudsters steal money is by taking control of victims’ mobile devices through malware injections and phishing scams.
To address this, Trust Bank has launched Trust Lock, an anti-scam tool that allows consumers to easily lock and unlock their money via the bank’s mobile app.
According to the digital bank, Trust Lock is less “cumbersome than current solutions in the market which require customers to physically visit a bank brand or ATM to access their funds”.
To lock their money, users can select an existing Savings Pot or create a new one in the Trust app before activating Trust Lock.
Locked funds can’t be withdrawn until unlocked—providing an added layer of security even if scammers gain access to a user’s device. However, users can still add funds to the locked Savings Pot, ensuring it continues to earn interest and contribute toward eligibility for Trust+ exclusive Savings Pot.
Each user can create and lock up to five Savings Pots.
See also: ING sued by Dutch non-profit for alleged failures on climate
To unlock funds, users can simply log into the Trust app, tap their physical Trust debit or credit card on an NFC-enabled phone, and enter their personalised six-digit Trust Key for two-factor authentication.
For added security, withdrawals are only allowed 12 hours after unlocking the funds.
“In a dynamic and fast evolving scam landscape, we are committed to keeping our customers’ money safe. 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,” says Aditya Gupta, chief product officer at Trust Bank.
Beyond Trust Lock, Trust has rolled out other anti-scam and anti-fraud features including numberless credit card, easy in-app controls on overseas spending and transfer limits and a kill switch that instantly blocks access to the Trust App.
