DBS fortifies payments security with new self-managed card payment control features
All 3.6 million DBS/POSB debit and credit cardholders today are now able to determine and personally manage the security access on their card accounts via the most comprehensive suite of payment control features available in Singapore. These newly enabled features provide an additional layer of protection for customers to safeguard their card accounts and protect against fraudulent transactions, and can be conveniently accessed through the DBS/POSB digibank app.
Principal cardholders will be able to manage access and stipulate spend limits on their own cards, as well as on their supplementary cards. In addition, customers will receive instant alerts whenever a transaction is blocked due to pre-set controls, which provides them a greater peace of mind and an enhanced level of protection from fraud.
The six new card payment control features will allow cardholders to instantly enable or disable the following security access on their card accounts:
(1) Temporarily ‘lock’ or ‘unlock’ their debit or credit cards
Typically, when cardholders misplace or are unable to find their cards, they are advised to call the bank’s customer service hotline immediately to report a loss. The cards will subsequently be blocked, and a new one will be issued within three working days.
With this new temporary lock feature, customers can instead initiate an instant lock of their cards by logging into the DBS/POSB digibank app. Should customers eventually locate their ‘missing’ cards, they can then unlock the card for immediate use. This saves them the hassle of having to set up their monthly recurring bill payments and subscriptions, or even having to save their card details on file again.
This also offers convenience to customers who may wish to lock specific cards that they use infrequently, to guard against inadvertent or unauthorised usage.
(2) Enable/disable online e-commerce transactions on all local or overseas websites
This feature will be useful for several customer profiles, such as a customer who owns several cards but only makes online purchases on a specific rewards card; or a supplementary cardholder who is not expected to shop online. It offers an additional layer of protection against unauthorised transactions, and potential fraud.
(3) Activate/deactivate usage for ‘face to face’ overseas transactions
With this feature, customers are protected from unauthorised transactions and potential fraud, especially during a time when travel opportunities are limited.
(4) Switch off/on the ability to make ‘contactless’ and mobile wallet payments at local and overseas merchants
While contactless card and mobile contactless payments are some of Singapore’s most preferred payment methods1, customers will now have the choice of disabling these functions according to their payment preferences.
(5) Enable/disable cash advance transactions on credit cards
This comes in handy for customers when they accidentally use a credit card, instead of an ATM card, to withdraw cash, which saves them from incurring a transaction fee for each cash advance transaction.
(6) Set a monthly spend limit
Cardholders can now choose to set a monthly spend limit that is lower than their credit limit, as a reminder to be prudent and spend wisely. This will also come in handy for principal cardholders to manage their supplementary card accounts.
Anthony Seow, Head of Payments and Platforms, DBS Bank, said: “Safeguarding our customers’ interests and money is our top priority. As people increasingly turn to digital payments and online shopping, it remains paramount that we have in place robust security measures to protect our customers. The new self-managed card payment control features serve as multiple locks that cardholders can choose to activate in order to block unauthorised transactions. They add to the existing data analytics tools, as well as monitoring and surveillance systems that form our multi-layered defence to effectively screen, thwart and deter fraudulent activities.”
DBS employs an arsenal of state-of-the-art secure technology and protocols to ensure customers’ information and money are safeguarded whenever they bank or pay online. This includes:
- Having customers digitally authenticate e-commerce payments at 3D-Secure merchants, where they will receive a push notification to authenticate a transaction via their DBS Digital Token
- Allowing customers to set their preferred spending limits and thresholds so as to receive alerts on their transactions
- Allowing customers to verify their debit, credit and DBS PayLah! transaction details in near real-time on the DBS PayLah! or digibank app
The bank is also tapping on its partnerships with industry partners such as Mastercard and Visa, to collectively drive payments security advancements to stay ahead of fraudsters. This includes developing new payments security protocols, such as 3D-Secure 2.0, which will enable DBS to deploy advanced algorithms and data models in the future for intelligent fraud detection.
Deborah Heng, Country Manager, Singapore, Mastercard said: “As Singaporeans shop, bank and transact online more now than ever, it is imperative to empower them with the flexibility over how and when they want to use their card without compromising on their security. According to the Mastercard New Payments Index, 45% of people in APAC agree that they would place their trust in their payment provider to follow security best practices. To meet the needs of today’s consumers, while maintaining their trust in cashless payments, DBS’ new card payment control features will provide an added layer of security beyond the payment network level. With them, consumers can have greater peace of mind when making transactions at any given place, at any given time. As DBS’ longstanding partner in Singapore, Mastercard looks forward to continue working together to roll out innovative security solutions that maintain the integrity of the payments ecosystem.”
“Payment security and building trust amongst our cardholders when they use digital payments is extremely important to us at Visa. The digitally savvy cardholder today expects the ease and convenience of customising features on their digital banking app. With the launch of the new card payment control features by DBS, the ability for cardholders to tailor their preferences on-the-go is extremely beneficial. We look forward to working with DBS and the industry, to create more relevant solutions to further strengthen the confidence of cardholders and give them peace of mind whenever they use their payment cards,” said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.
Since its pilot launch earlier on 11 August, close to 20,000 customers had activated and made use of the six new card payment control features. The ability to disable cash advances, as well as overseas ‘face to face’ transactions, are the top-most popular functions. Ms Lim Siew Lee, aged 62 and a participant in the pilot programme, found the control features easy to use, and appreciated that the changes took immediate effect. “I expect that this will come in handy when we resume travel, and I can manage my cards’ overseas usage conveniently through my digibank app. In light of the recent news stories on card and payment fraud cases, this gives me an additional sense of security and confidence when transacting.”
Having established a comprehensive payments security protocols framework to effectively deter online threats, DBS has also adopted advanced data analytics to further safeguard customers against scams. This allows the bank to, for example, detect distinct changes in user behavioural patterns; cross-reference unusual account changes; as well as instantly screen and block flagged transfers. A dedicated anti-scam team, with round-the-clock response capabilities, is also tasked to carry out intervention work and review fraud alerts detected by the bank’s machine learning-based rules. Customers can also keep abreast of the latest security tips via its online “#BSHARP” guides to proactively safeguard their personal information. For more, please visit the “#BSHARP” page at: https://www.dbs.com.sg/