GXS Bank today announced that it has enhanced its anti-scam protection measures for customers with the launch of Money Lock. GXS Bank’s Money Lock is a feature that enables its customers to ‘lock’ some, or all, of their savings through the GXS Bank app.

With Money Lock, GXS Bank customers can ringfence the funds in their Saving Pockets through their GXS Bank app, locking up to eight Saving Pockets. They simply need to go into their Pocket’s settings to enable Money Lock. Their Saving Pocket will be locked immediately.

GXS Bank’s Money Lock feature is an extra protection that customers should use to protect themselves amidst ongoing scam cases. According to the Singapore Police Force, more than SGD 53 million ($39.2 million) was lost to scams in Singapore in June 2025 alone. This included more than 600 cases and SGD 1 million ($740,000) lost to e-commerce scams. Such scams occur when fraudsters trick individuals into falling for a fake ad on social media platforms, such as demanding pre-payment to view a rental unit.

Money Lock can enable GXS Bank customers to have peace of mind as they pursue their saving goals. Saving Pockets that have been ‘locked’ will still earn daily interest and customers can continue to add funds to their Saving Pockets. Funds in the GXS Savings Account, including its Saving and Boost Pocket features, remain insured up to SGD 100,000 ($74,000) by the Singapore Deposit Insurance Corporation Limited.

Money Lock: a robust digital safe to protect customers’ savings

In designing the customer journey for Money Lock, GXS Bank researched the modus operandi of ongoing and trending scams in Singapore to ensure that its customers’ savings are safeguarded.

For example, to thwart any impersonators trying to commit fraud, customers will need to schedule a video verification call with a GXS Buddy, the bank’s customer support officers, to unlock their Saving Pocket. GXS Buddies are trained to identify signs of potential scams and how to advise customers from potentially falling prey to scams.

Following the video verification, the GXS Savings Account-holder will be notified via their registered email address to alert them that they have made a request to unlock their funds.

GXS Bank also implements a cooling-off period of 12 hours before the unlocked funds are transferred from the customer’s Saving Pocket into their Main Account. Any GXS Bank customers who suspect that someone else is trying to gain access to their funds can contact the bank during the 12-hour cooling-off period to cancel the unlock request and to keep their money safe.

Mr Shahzaib Hassan, group chief technology and product officer, GXS Bank, said: “At GXS Bank we are purposeful in designing our banking experience with a degree of friction that we believe is necessary to keep our customers safe. It may sound counter-intuitive to add speed bumps into a digital experience, but we do this because scammers often use urgency to scare or entice their victims into making a fraudulent funds transfer. By adding ‘breaks’ throughout the funds transfer process, we hope to provide the time for our customers to consider and verify that the transaction which they are about to make is legitimate.

“We strongly encourage our customers to make use of Money Lock as an additional layer of security for their GXS Savings Account. By securing a portion of their savings and limiting access to those funds, Money Lock serves as a practical defence for them. At the same time, we continue to urge our customers to stay vigilant so that they do not fall prey to scammers. One way that they can do this is to stay updated with scam trends, such as through our regular electronic direct mailers (EDMs) on security literacy or the ScamShield website.”

Redisseminated by The Asian Banker