Trust Bank has unveiled Trust Lock, a pioneering anti-scam tool designed to enhance security and convenience for its customers. Unlike existing solutions, Trust Lock allows users to secure and unlock their funds directly through the Trust App, eliminating the need for branch or ATM visits.
Aditya Gupta, Chief Product Officer at Trust Bank, emphasised the importance of this innovation in the current scam landscape. “In a dynamic and fast-evolving scam landscape, we are committed to keeping our customers’ money safe,” Gupta stated. “With Trust Lock, we are setting a new standard in convenience and security for our customers.”
The introduction of Trust Lock comes in response to the rising incidence of scams, with the Singapore Police Force reporting losses of at least $800 million (S$1.1 billion) in 2024. Fraudsters often exploit victims by taking control of their mobile devices through malware and phishing scams. Trust Lock addresses this by allowing customers to lock their money in Savings Pots, which can be created or added to within the Trust App. These pots remain secure even if a scammer gains control of the user’s device.
Unlocking funds is equally straightforward, requiring only a login to the Trust App, a tap of the Trust card on an NFC-enabled phone, and entry of a personalised Trust Key. Funds can be withdrawn 12 hours after unlocking, providing an additional layer of security.
Trust Lock represents a significant advancement in the fight against financial scams, offering a blend of security and user-friendly access that sets it apart in the market.
“`
This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.
