SINGAPORE: From Mar 7, DBS digital banking users will need to wait for 12 hours before they can increase their transfer limits or add a new payee, as part of security measures to combat “increasingly sophisticated” scams, the bank said on Friday (Feb 20).
In an email to its customers, DBS said that 12-hour cooling periods will be introduced for adding a new recipient, increasing daily local and overseas transfer limits and updating contact details such as emails and mobile numbers.
The new measures are in addition to the existing 12-hour cooling period for the activation of digital security tokens, DBS said.
This move is a “critical safeguard” designed to give customers time to detect and stop unauthorised activity on their accounts, said Singapore’s biggest bank.
After the new measures kick in, “transfers to new recipients or transactions above your existing limits will only be allowed after the 12-hour cooling period has ended”, said DBS.
“During this time, alerts will be sent to your bank-registered contact details so you can review the request and report it immediately if it was not made by you.”
Other banking activities, such as transferring funds to existing payees within current transfer limits, can still be performed.