DBS adds to mobile wallet security features
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Payment Controls – located within the DBS/POSB digibank app – allows customers to self-manage their card transaction limits in real-time. Customers can use these controls to protect themselves from unauthorised transactions when their card is misplaced, stolen or misused. This includes disabling e-commerce or cash advance transactions, locking the card, among others.
From mid-May 2025, customers will not be able to add DBS/POSB cards to their mobile wallets until they turn on the new 'Mobile wallets' toggle in Payment Controls. The 'Mobile wallets' feature is turned off by default and customers will need to first turn on the 'Mobile wallets' toggle before adding their cards. Using the 'Mobile wallets' in-app control introduces a deliberate pause in the transaction process, allowing users to verify their intention to add their card to a mobile wallet.
The new 'Mobile wallets' feature is the latest addition to the bank's suite of self-managed security control features in the DBS/POSB digibank app. DBS was the first bank in Singapore to introduce the most comprehensive set of payment controls and has continued to maintain that leading position since 2021. To date, over 1.5 million users have adopted DBS' self-managed security tools that also include DBS' money lock feature (digiVault) and security checkup.
Calvin Ong, DBS Head of Consumer Banking Singapore said, 'Along with the Singapore Police Force (SPF), the Cyber Security Agency of Singapore (CSA) and the Monetary Authority of Singapore (MAS), DBS has also observed a rise in mobile wallet phishing incidents, where scammers target customers' cards to add to their mobile wallet for subsequent unauthorised transactions. As part of the industry's initiative to address this issue, DBS has introduced a new 'Mobile wallets' feature to verify our customers' intention to add their card to a mobile wallet. By introducing the deliberate pause, we enable customers to be alert when performing transactions.'
Customers should add only their own cards to their mobile wallets. If they are unfamiliar with mobile wallets, they should consult their family or call the ScamShield Helpline (1799) for assistance.
'Joint vigilance with our customers is essential to combating scams and we will continue to expand our suite of self-managed security features, as well as anti-scam educational resources and community events, to empower our customers to take control of their security,' added Ong.
SPF, CSA and MAS have been working with banks, mobile wallet providers, and card service providers to combat this trend. According to the Singapore Police Force, there were over 650 reports of phished card credentials being added to mobile wallets in the last three months of 2024, resulting in at least SGD 1.2 million in losses from transactions made on scammers' mobile wallets.
The 'Mobile wallets' feature in Payment Controls is turned off by default to ensure customers' cards cannot be added to mobile wallets. Customers who wish to add their DBS/POSB card must first turn on the 'Mobile wallets' toggle in Payment Controls within the DBS/POSB digibank app. To further protect users, this 'Mobile wallets' feature will be automatically turned off if the card is not added to any mobile wallet within 10 minutes.
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