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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).<\/p>\n
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.<\/p>\n
The new measures are in addition to the existing 12-hour cooling period for the activation of digital security tokens<\/span>, DBS said.<\/p>\n 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.<\/p>\n 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.<\/p>\n “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.”<\/p>\n Other banking activities, such as transferring funds to existing payees within current transfer limits, can still be performed.<\/p>\n<\/div>\n