The decision to roll out the Trust Lock tool can be attributed to the rise in scams across the industry, with Singapore facing significant losses due to fraudulent activities. To address these issues, Trust launched a solution that offers users increased protection on their money, enabling them to unlock their funds safely.
When starting to use the Trust Lock tool, customers need to select either an existing Savings Pot or create a new one in the Trust App. They can lock this pot, with funds not being able to be withdrawn until unlocked. Through this, the bank intends to deliver scaled security, preventing scammers from getting money from a user’s account even if they gain access to their device. Despite this, customers can still add more funds to the locked Savings Pot, in turn ensuring that they continue to earn interest and contribute toward eligibility for Trust+ exclusive Savings Pot. Additionally, as detailed by Trust Bank, each customer can create and lock up to five Savings Pots.
Furthermore, to unlock the money, customers need to log into the Trust app, tap their physical debit or credit card on an NFC-enabled device, and enter their six-digit Trust Key for two-factor authentication. Also, to further boost security, Trust requires its users to withdraw their funds only 12 hours after unlocking them.
Commenting on the news, representatives from Trust mentioned that, considering the dynamic and evolving scam landscape, the financial institution is committed to maintaining high levels of security for its customers. The launch of Trust Lock follows other security capabilities that focus on keeping users protected from scams and fraud.
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