GXS Bank launches Money Lock amid Singapore’s broader fight against scams

In an era where digital banking offers unprecedented convenience, it also presents new vulnerabilities. GXS Bank’s introduction of the “Money Lock” feature is a timely and strategic response to the escalating threat of scams in Singapore. This feature serves as a crucial digital safety net, providing customers with greater control and peace of mind over their savings.

GXS Bank’s Money Lock is an anti-scam feature that allows users to “lock” some or all of their funds within their GXS Savings Account. This tool can be enabled for up to eight separate “Saving Pockets” within the app, offering a ring-fenced layer of security for specific savings goals.

While the immediate locking of funds is a key security measure, the true innovation lies in the unlocking process. To access the locked funds, a customer must initiate a video verification call with a “GXS Buddy,” a trained customer support officer who can identify signs of potential fraud. Following this, an email notification is sent to the account holder, and a mandatory 12-hour cooling-off period is imposed before the funds are transferred.

This multi-step process, which may seem counterintuitive in a world of instant digital transactions, is purposefully designed to counter a key tactic of scammers: urgency. As stated by Shahzaib Hassan, Group Chief Technology and Product Officer at GXS Bank, these “speed bumps” provide customers with the necessary time to pause, reflect, and verify a transaction’s legitimacy before it is too late. Importantly, funds in a locked pocket continue to accrue daily interest, and deposits can still be made, ensuring the security does not come at the expense of savings growth.

GXS Bank’s new feature comes at a critical time, as Singapore has seen a dramatic increase in scam cases. According to the Singapore Police Force, more than S$53 million was lost to scams in June 2025 alone, including over 600 e-commerce cases. In 2024, the total amount lost to scams reached a new high of S$1.1 billion, a staggering 70% increase from the previous year.

These financial losses are driven by sophisticated criminal tactics that increasingly exploit social engineering and human psychology. A significant majority of scams involve “self-effected transfers,” where victims are manipulated into willingly transferring money to scammers. Scammers are leveraging new technologies like AI and deepfakes to create more convincing fraudulent schemes. Common scam types include phishing, investment scams (often involving fake cryptocurrency platforms), and e-commerce scams on social media.

In response, the Singapore government has adopted a multi-layered approach to combat this “scamdemic”. This includes:

• Legislative Actions: The Online Criminal Harms Act, passed in 2023, empowers online platforms to better protect consumers, and new laws now allow the police to temporarily restrict banking transactions of individuals who are being manipulated by scammers.
• Industry Collaboration: The government is working with banks to implement enhanced security features and cooling-off periods for high-risk transactions.
• Public Awareness and Tools: The government’s ScamShield suite of tools—including a mobile app, 24/7 helpline, and website—provides citizens with resources to check, block, and report potential scams.

The collaboration between financial institutions and the government is crucial in this fight. The GXS Money Lock feature is a prime example of the banking sector proactively adapting to new threats. By introducing controlled friction into the customer journey, GXS is not just adding a security feature; it is changing the conversation from one of convenience to one of conscious security, empowering individuals to make safer choices in an increasingly complex digital landscape.