Amid a surge in scams that cost Singaporeans over S$1.1 billion last year, digital bank Trust has unveiled Trust Lock – a first-of-its-kind anti-scam feature designed to empower users to lock their savings with the tap of a button and unlock them with a pioneering, secure digital process.

Trust Bank is stepping up its fight against financial fraud with the launch of Trust Lock, a new feature that lets customers lock away their funds in the event of a scam attempt – and retrieve them safely without stepping into a bank branch.

The feature arrives as scams become increasingly sophisticated, with fraudsters using malware and phishing tactics to hijack mobile devices. In response, Trust says it is offering users greater control and convenience while bolstering security.

Unlike existing solutions that require customers to visit physical branches or ATMs to regain access to their funds, Trust Lock enables digital locking and unlocking via the Trust App. Users can secure money inside up to five “Savings Pots”, which continue to earn interest and contribute to eligibility for Trust+ rewards, even when locked.

To access locked funds, customers must verify their identity through a two-factor authentication process: tapping their physical Trust card on an NFC-enabled phone and entering a six-digit Trust Key. For added protection, withdrawals are only allowed 12 hours after unlocking – a delay designed to prevent scammers from instantly siphoning funds.

“There are several ways scammers attempt to gain control of victims’ mobile devices,” Trust said in a statement, highlighting the need for stronger, more flexible protections.

Aditya Gupta, Chief Product Officer at Trust, said: “In a dynamic and fast evolving scam landscape, we are committed to keeping our customers’ money safe. We’ve already rolled out several market-first security features… With Trust Lock, we are setting a new standard in convenience and security.”

The bank, which previously introduced Singapore’s first numberless credit card and an in-app kill switch, continues to push the envelope on digital security as it competes in an increasingly vulnerable banking environment.