GXS Bank introduces money lock feature to fight scams, raising trust in Singapore's digital banking and finance industry.

GXS Bank has introduced this feature of money lock to reinforce customer protection and boost digital security in the banking and finance sector. The option enables users to lock money in as many as eight savings pockets within the app itself. An individual can unlock the pockets by arranging a video verification session with one of the GXS Buddy customer support officers who will help assess the risks of fraud and advise on their prevention.

The project is witnessed after cases of scams keep on increasing in Singapore. The Singapore Police Force estimated more than S$53 million was lost to scams in the month of June 2025 alone, including over 600 cases, including a million dollars in e-commerce scams.

Another measure that GXS Bank employs to protect customers is the existence of a 12-hour cooling-off period after the verification process before the transfer of funds between locked savings pockets to main accounts. The customers also receive email notifications to confirm the funding requests.

By proposing this preventive solution, GXS Bank enhances its policy towards digital security and customer trust and sets a good example within the banking and financial sector.

This innovation shows how digital banks are improving the traditional security measures, using not only technology but also educating their customers about solving the increasing challenges of fraud in the new digital banking and finance environment.